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SEC $18 Million Order Against LPL Financial
The SEC issued an $18 million penalty against LPL Financial for repeated violations of anti-money laundering (AML) regulations, specifically concerning its Customer Identification Program (CIP) and ongoing customer due diligence (CDD). LPL failed to properly verify accounts, timely close accounts failing CIP screening, and consistently comply with its own AML policies regarding prohibited accounts (e.g., cannabis-related and foreign accounts). This action follows previous AML-related penalties against LPL and represents the SEC's third such penalty in 2025, highlighting a firm stance on AML compliance. A secondary source comments on the SEC's actions, emphasising the importance of robust QX processes and data management for AML compliance within financial firms, especially in light of upcoming AML program requirements. The SEC's actions are interpreted as a warning to other investment firms
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Published on 11Β months, 2Β weeks ago