Pinnacle Capital Markets has once again has been slapped with a fine for inadequate anti-money laundering and customer identification procedures involving foreign investors using its direct market access system.
The Securities and Exchange Commission has fined the Raleigh, N.C. firm $50,000 for failing to comply with federal anti-money laundering rules from 2003 to 2009 that require broker-dealers such as Pinnacle to identify and verify the identities of their customers. The company was also charged with not providing employees with enough training to spot and report suspicious activities.
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