US EditionFINRA Fines Velox Clearing $1.3 Million Over AML, Supervision, And Communication Failures - FinanceFeeds
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FINRA Fines Velox Clearing $1.3 Million Over AML, Supervision, And Communication Failures - FinanceFeeds
Velox Clearing LLC has been fined $1.3 million by the Financial Industry Regulatory Authority (FINRA) for a series of longstanding violations involving anti-money laundering (AML) procedures, supervisory failures, and improper handling of broker communications. The Miami-based clearing broker-dealer failed to detect suspicious trading activity and lacked adequate systems to oversee its introducing firms and employees. Velox did not implement a r…
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