Regulatory Alerts2010-09-01 | 2010-4Added
In the Matter of Pinnacle Capital Markets, LLC
FinCEN assesses a $50,000 civil money penalty against Pinnacle Capital Markets, LLC for violations of the Bank Secrecy Act. The penalty resolves systemic failures in the firm's anti-money laundering program, customer identification procedures, and suspicious activity reporting between 2002 and 2009. Pinnacle failed to implement adequate internal controls, verify customer identities, and file required reports for transactions involving millions of dollars.
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