FINRA - Financial Industry Regulatory Authority

FINRA Fines Pictet, Blue Ocean $1.1M for AML Violations FINRA has fined Pictet Overseas Inc. and Blue Ocean ATS over $1.1 million for anti-money laundering (AML) and supervisory violations related to low-priced securities transactions. Pictet was fined $610,000 for failing to implement an effective AML program despite executing $300 million in low-priced securities transactions from February 2022 to March 2023. Blue Ocean was fined $550,000 for inadequate monitoring systems since January 2023. Both firms failed to detect suspicious activities and implement robust surveillance, consenting to FINRA's findings without admitting or denying the charges.