BNP PARIBAS FINED USD15 MILLION OVER FAILING TO SCREEN 31 BILLION PENNY STOCKS FOR ML
October 1st, 2019
BNP Paribas Securities Corp’s failure to apply proper AML controls on its penny stocks business has landed it and its brokerage arm with a USD15 million fine from the USA’s Financial Industry Regulatory Authority (FINRA).
The regulator found BNP had not even developed, let alone implement AML controls on its penny stocks deposits and resales and wire transfers. This was despite the bank accepting nearly 31 billion penny stocks shares as deposits, worth hundreds of millions of dollars. Some of these penny stock clients have been characterised by FINRA as ...
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