FINRA Sanctions C. L. King & Associates Inc., Albany, New York
According to the public records on the Financial Industry Regulatory Authority’s (FINRA) website, on October 2, 2019, the regulator reportedly sanctioned C. L. King & Associates Inc. (CRD #6183, Albany, New York) with a censure and a $292,000 fine.
According to FINRA’s findings, C. L. King & Associates allegedly failed to establish and maintain a supervisory system, including written supervisory procedures. The firm and registered principal purportedly failed to establish and implement an anti-money laundering program reasonably designed to cause the detection and reporting of suspicious transactions. Further, the firm and principle reportedly failed to conduct adequate due diligence and respond to red flags indicative of potential money laundering, according to FINRA.
For FINRA’s full findings see FINRA Case No. 2014040476901.
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