Violation Tracker Individual Record

Company: 
Raymond James & Associates, Inc. and Raymond James Financial Services, Inc.
Current Parent Company: 
Raymond James Financial
Penalty: 
$17,000,000
Year: 
2016
Date: 
May 18, 2016
Offense Group: 
financial offenses
Primary Offense: 
anti-money-laundering deficiencies
Violation Description: 

The Financial Industry Regulatory Authority fined Raymond James & Associates, Inc. (RJA) and Raymond James Financial Services, Inc. (RJFS), a total of $17 million for widespread failures related to the firms' anti-money laundering (AML) programs. RJA was fined $8 million and RJFS was fined $9 million for failing to establish and implement adequate AML procedures, which resulted in the firms' failure to properly prevent or detect, investigate, and report suspicious activity for several years.

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: 
Florida
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Notes: 

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

Source Notes: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.