Financial Industry Organization (Finra) said this week that it had fined Sonenshine & Company LLC $ 20,000 and released the blame after multiple violations of the anti -money laundering rules (AML) between 2017 and 2023.
According to admission letter, the AWC’s concession and approval, published by the organizer, the New York -based investment company, failed to establish and implement internal policies and controls reasonably designed to comply with the banking confidentiality law.
It is worth noting that Finra says that the company did not respond in time to the requests of the Financial Crime Infusion Network in 2021 and failed to conduct the required independent AML tests required in 2020 and 2022.
Wendra explained that Soninchin was warned early in 2017 of the shortcomings of the AML program.
However, they said that though, the company’s procedures lack guidance on how to search for records in response to Fincen’s requests and failed to create a supervisory process to ensure compliance.
The organizer added that he found that the company’s AML actions requires a test every two years until December 2023, although it is obligated to conduct such a test annually.
Sonenshine previously faced a fine of $ 15,000 in 2011 due to similar Aml violations.
As part of the settlement, Sonenshine must ratify within 60 days that it has led to the treatment of problems and the compatible AML program. The company did not recognize the results and did not deny it, but it agreed to the sanctions.