SEC - Securities and Exchange Commission

SEC Fines Canaccord $20M for Failing to File SARs The SEC charged Canaccord Genuity LLC for failing to file approximately 150 Suspicious Activity Reports (SARs) related to its over-the-counter (OTC) market making business from February 2019 to March 2022. Canaccord's inadequate anti-money laundering (AML) program failed to detect and report suspicious trading activities, with personnel falsifying documentation. Canaccord agreed to a cease-and-desist order, censure, and a $20 million civil penalty, without admitting or denying the findings. The SEC's investigation involved collaboration with FinCEN and FINRA.