United States SEC Fines LPL Financial $18 Million for Failures in Money Laundering from 2018 to 2023 Including Failing to Close Accounts Which Had Not Been Properly Verified and Close or Restrict Thousands of High-Risk Accounts Such as Cannabis-Related & Foreign Accounts
19th January 2025 | Hong Kong
The United States Securities and Exchange Commission (SEC) has fined LPL Financial $18 million for failures in money laundering from 2018 to 2023 including failing to close accounts which had not been properly verified and to close or restrict thousands of high-risk accounts such as cannabis-related & foreign accounts. United States SEC (17/1/25): “The Securities and Exchange Commission today announced charges against broker-dealer and investment adviser LPL Financial LLC for multiple failures related to its anti-money laundering (AML) program. To resolve the SEC’s charges, LPL agreed to pay a civil penalty of $18 million and to implement improvements to its AML policies and procedures. According to the SEC order, from at least May 2019 through December 2023, LPL experienced longstanding failures in its customer identification program, including a failure to timely close accounts for which it had not properly verified the customer’s identity. Furthermore, LPL failed to close or restrict thousands of high-risk accounts, such as cannabis-related and foreign accounts, that were prohibited under LPL’s AML policies. The SEC’s order finds that LPL willfully violated Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-8 thereunder. Without admitting or denying the SEC’s findings, the firm agreed to a censure and a cease-and-desist order in addition to the $18 million penalty. The SEC’s order also directs LPL to continue its engagement of a compliance consultant to review and recommend changes to the firm’s AML policies and procedures.”
“ United States SEC Fines LPL Financial $18 Million for Failures in Money Laundering from 2018 to 2023 Including Failing to Close Accounts Which Had Not Been Properly Verified and Close or Restrict Thousands of High-Risk Accounts Such as Cannabis-Related & Foreign Accounts “
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United States SEC Fines LPL Financial $18 Million for Failures in Money Laundering from 2018 to 2023 Including Failing to Close Accounts Which Had Not Been Properly Verified and Close or Restrict Thousands of High-Risk Accounts Such as Cannabis-Related & Foreign Accounts
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