FINCEN - Financial Crimes Enforcement Network

Canaccord Genuity LLC Faces $80 Million Penalty for BSA Violations The Financial Crimes Enforcement Network (FinCEN) has imposed an $80 million civil penalty on Canaccord Genuity LLC for willful violations of the Bank Secrecy Act (BSA). This is the largest penalty against a broker-dealer for BSA violations. Canaccord's failures included inadequate anti-money laundering (AML) programs, insufficient customer due diligence, and failure to file 160 suspicious activity reports. These compliance shortcomings allowed high-risk customers to access the U.S. financial system and led to significant economic harm. Canaccord admitted to these violations and failed to address regulatory concerns promptly. FinCEN stresses the importance of effective AML programs in combating financial fraud.