Reported by: Bilal Jafar

Financial Industry Regulatory Authority (FINRA) recently announced that Vision Financial Markets LLC and Vision Brokerage Services have agreed to pay a fine as part of the settlement with the authority. According to the details shared by FINRA, Vision Financial and Vision Brokerage failed to establish and implement an appropriate anti-money laundering program.

“From September 2016 through December 2020, Vision Financial and Vision Brokerage failed to develop and implement an anti-money laundering (AML) program reasonably designed to achieve and monitor the firm’s compliance with the Bank Secrecy Act and the implementing regulations thereunder. In particular, the firms did not establish and implement policies and procedures tailored to the firm’s business, which could be reasonably expected to detect and cause the reporting of suspicious activity arising from transactions and money movements in domestic and foreign-based retail accounts,” FINRA noted.

Read full report: https://www.financemagnates.com/forex/brokers/finra-imposes-fine-on-vision-financial/amp/