FINRA found that during 20112013, the bank facilitated the illegal distribution of at least $55 million unregistered shares of microcap securities. However, the firm later implemented additional procedures, limiting the trading of such securities. Secondly, the companys automated surveillance system was ineffective to detect potentially suspicious money movements, as a considerable amount of data feeds into the system lacked adequate information. i was reading thisThe regulator alleged that during Jan 2011Dec 2015, the company failed to effectively implement the automated system to identify red flags and also use applicable risk scenarios in its assessments. Further, the bank initially failed to assign sufficient resources to resolve the issues on time. Also, the company lagged adequate staff to review the tens of thousands of alerts its automated system generated in any given year. The regulator noted that some of the AML deficiencies remain unresolved even today, though Credit Suisse itself identified few of them and even hired a consulting firm to assist with the evaluations. The company neither admitted nor denied the charges, but agreed to the entry of FINRAs findings. Over the last few months, regulators have been targeting financial players over unfair business practices. In Sep 2016, Wells Fargo & Company WFC faced a combined fine of $190 million from California and federal regulators over the opening of nearly 1.5 million of unauthorized deposit accounts. http://foresthillmotel.com/quietrubyhughes/2016/12/12/finding-advice-on-necessary-elements-for-examination-for-obstetricsIn Oct 2016, Morgan Stanley MS was charged with conducting an unethical, high-pressure sales practice against their clients brokerage accounts.
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