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Finra fines Morgan Stanley $10 million for AML program, supervisory failures

( December 26, 2018, 17:44 GMT | Official Statement) -- MLex Summary: The Financial Industry Regulatory Authority announced today that it has fined Morgan Stanley Smith Barney $10 million for anti-money laundering program and supervisory failures that spanned a period of more than five years. Finra found Morgan Stanley’s AML surveillance system didn't receive critical data from several systems, the company failed to devote sufficient resources to review alerts generated by its surveillance system, and its AML Department didn't reasonably monitor customers’ deposits and trades in penny stock for potentially suspicious activity.Statement follows in full. Also see document below. ...

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