Snapshot:
On March 6, 2026, FinCEN assessed an $80 million civil money penalty against Canaccord Genuity LLC for willful violations of the Bank Secrecy Act, marking the largest BSA penalty ever imposed on a broker‑dealer. The enforcement action cited failures related to AML program implementation, customer due diligence, and timely Suspicious Activity Report filings.
Why it Matters:
This action reinforces FinCEN’s expectations that broker‑dealers and non‑bank financial institutions maintain strong, risk‑based AML programs. For BSA/AML teams, it highlights continued regulatory focus on CDD effectiveness, SAR governance, and fraud risk oversight across all institution types.
Official Sources:
FinCEN Assesses Historic $80 Million Penalty Against Canaccord Genuity LLC for Securities Fraud-Related Bank Secrecy Act Violations | fincen.gov