Violation Tracker Individual Record

Company: 
Brown Brothers Harriman & Co.
Current Parent Company: 
Brown Brothers Harriman
Penalty: 
$8,000,000
Year: 
2014
Date: 
February 5, 2014
Offense Group: 
financial offenses
Primary Offense: 
anti-money-laundering deficiencies
Secondary Offense: 
financial institution supervision failures
Violation Description: 

The Financial Industry Regulatory Authority fined New York-based Brown Brothers Harriman & Co. (BBH) $8 million for substantial anti-money laundering compliance failures including, among other related violations, its failure to have an adequate anti-money laundering program in place to monitor and detect suspicious penny stock transactions. BBH also failed to sufficiently investigate potentially suspicious penny stock activity brought to the firm's attention and did not fulfill its Suspicious Activity Report (SAR) filing requirements.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
privately held
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government.

Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.