The Finance Organization Authority (Fink Investments, INC.
Between April 2020 and August 2023, USBI was said to have not provided 42 SARS because it is an incorrect cash sill applicable when evaluating suspicious transactions.
The company used the reporting threshold of $ 25,000 applied to banks instead of the $ 5,000 threshold required for brokers.
Finra added that, as a result, the activity that includes account interventions, theft of identity and fraud online was not reported.
The organizer said that the error reflects the shortcomings of the USBI policies and procedures in USBI, in violation of its rules.
Mediators must have systems capable of discovering transactions that meet the threshold of $ 5,000, while banks work under a higher limit in some cases.
The problem is said to have arisen from a central compliance process throughout the USBI and its banking company, which led to the poor application of the bank’s standard to mediation accounts.
Usbi discovered the error in August 2023 after reviewing an infrieval enforcement procedure.
Then the company took therapeutic steps, including a six -year review of its reports practices, the provision of a retro -impact, and the update of internal procedures and the training of employees.
I noticed Finra’s USBI cooperation and self -reporting in determining sanctions. The company agreed to stability without recognizing or denying the results.