October 31, 2018 BY Valentina Kirilova

FINRA fines LPL $2.75 million for complaint-reporting and AML program failures

FINRA has announced that it has fined LPL Financial, LLC $2.75 million for complaint-reporting and AML program failures that spanned a period of more than three years. FINRA found that LPL failed to file or amend registered representatives’ Forms U4 or U5 to disclose dozens of reportable customer complaints. LPL too narrowly interpreted the requirement…

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