On March 6, 2026, FinCEN imposed a record fine against a U.S. broker dealer for numerous failures to have in place a strong AML program as it was required to do including to conduct due diligence and to monitor its customers even when faced with specific information about misconduct.
The Consent Order, which can be found here: https://www.fincen.gov/system/files/2026-03/Canaccord-Consent-Order-No-2026-01.pdf, details numerous instances where the broker dealer failed to:
- Conduct sufficient due diligence of customers including whether the business purpose might be potentially unlawful
- Conduct ongoing monitoring of accounts after identifying suspicious transactions
- File suspicious activity reports even after learning accounts were questioned by regulators
- Deploy adequate resources, especially knowledgeable staff capable of understanding AML risks and whether investigation and reporting was appropriate
- Train, support, supervise or monitor compliance staff
This penalty highlights the importance of having a robust AML program that is not only set out in writing but effectively enforced with competent controls and staff.