FINRA imposes $4.2 million fine on Webull Financial for AML and compliance failures
BULL Webull Corp
$4.92 0.00%
View chart & analysis → - 1FINRA imposed a $4.2 million fine on Webull Financial as its anti-money laundering oversight failed to keep pace with its growth.
- 2Between 2020 and 2023, more than 120,000 of Webull's approved customer accounts were approved without verifying the actual identities of the customers.
- 3Webull Financial accepted the fine and reprimand and agreed to address issues regarding anti-money laundering, identity theft prevention programs, and best execution.
So what's the key point?
Webull Financial has been fined $4.2 million for failing to properly verify customer identities. The company has promised to resolve these issues.
Source Barrons.com +1 · View original ↗
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