NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Centrade Securities Corp.
AWC/2009016149901/January 2012

Centrade failed to implement a reasonably designed AML compliance program. The firm acted in contravention of AML requirements and its own procedures by failing to adequately monitor for, detect and investigate suspicious transactions notwithstanding multiple red flags presented by the trading in a customer’s account. In most instances, suspicious activity related to one or more of the red flag categories identified in the firm’s AML compliance procedures, including 

Centrade Securities Corp.: Censure; Fined $15,000 (lower fine imposed in consideration of "firm's revenues and financial resources"

Tags:  Money Laundering    AML     |    In: Cases of Note : FINRA