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Canaccord Genuity fined over compliance lapses

The Financial Crimes Enforcement Network (FinCEN) has fined Canaccord Genuity $80m for wilful violations of the Bank Secrecy Act, marking the largest penalty ever issued against a broker-dealer for breaches of the U.S. anti-money laundering law. Investigators said that between 2019 and ⁠2022, Canaccord failed to file at least 160 suspicious activity reports covering thousands of ​questionable transactions, with some activity that deserved "red flags" going un-reviewed for months or years. "Today's action should be a wake-up call to broker-dealers that willfully fail to comply with their obligations to safeguard the financial system from illicit actors," FinCEN Director Andrea Gacki said.

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