Webull Financial failed to have reasonably designed programs for anti-money laundering (AML) and identity theft protection and will pay a $4.2 million fine, the Financial Industry Regulatory Authority (FINRA) alleged Thursday.
FINRA and the Securities and Exchange Commission (SEC) previously cited the firm for compliance failures, and the U.S. House Select Committee on China investigated it earlier this year over alleged ties to the Chinese government.
Adrianne Appel writes regulatory news, policy, and trends for Compliance Week. She previously reported about policy developments for Bloomberg Law and Bloomberg Government.
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