Tag Archives: Client Due-Diligence

Oppenheimer Fined 2.25 million for ETF Suitability & Due Diligence Failures

The Financial Industry Regulatory Authority (FINRA) announced that it has fined Oppenheimer & Co. Inc. $2.25 million and ordered the firm to pay restitution of more than $716,000 to affected customers for selling leveraged, inverse and inverse-leveraged exchange-traded funds (non-traditional ETFs) to retail customers without reasonable supervision and due diligence, and for recommending non-traditional ETFs … Continue reading Oppenheimer Fined 2.25 million for ETF Suitability & Due Diligence Failures

LeGaye Law Firm Quoted: Article on Client On-Boarding

Daniel LeGaye, Managing Partner of the LeGaye Law Firm PC, was quoted in a March 17, 2015 article on the broadening impact on the on-boarding precess of financial firms that is  presented by new regulations regarding client due-diligence process proposed by FinCEN to backstop FACTA and documentation of disclosures related to conflicts of interest disclosures.    … Continue reading LeGaye Law Firm Quoted: Article on Client On-Boarding

New Proposed AML Customer Due Diligence Requirements

The Financial Crimes Enforcement Network (FinCEN) is proposing new rules under the Bank Secrecy Act (BSA) to clarify and strengthen customer due diligence (CDD) requirements for banks, broker-dealers, mutual funds, and futures commission merchants and introducing brokers in commodities. The proposed rules would address CDD elements related to identifying and verifying the identity of beneficial … Continue reading New Proposed AML Customer Due Diligence Requirements