FINRA Fines Morgan Stanley $10 Million for AML Program and Supervisory Failures

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December 26 2018

FINRA announced today that it has fined Morgan Stanley Smith Barney LLC $10 million for anti-money laundering (AML) program and supervisory failures that spanned a period of more than five years.

FINRA found that Morgan Stanley’s AML program failed to meet the requirements of the Bank Secrecy Act because of three shortcomings.