US Bancorp Investments, INC (USBI) has agreed to pay a fine of $ 500,000 as part of a settlement with the Financial Industry Regulatory Authority (Finra).
In determining whether they will submit suspicious SARS reports, the USBI incorrectly used a $ 25,000 cash limit applicable to banks and not the $ 5,000 limit applicable to brokers and therefore did not set 42 sars in time between April 2020 and 2020.
Thus, USBI has failed to establish and implement policies and procedures that have been reasonably designed to detect and report suspicious transactions in violation of the FINRA 3310 (A) and 2010 rules.
In addition to a fine of $ 500,000, the company agreed to a accusation.
USBI has been a member of Finra since 1986. It is conducting a general mobile business. It currently has over 2,350 registered representatives in more than 1,620 branches. USBI is based in Saint Paul of Minnesota.