U.S. SEC Fines Schwab $2.8 Million Over Reporting Failures

Entertainment (now) 2018-07-03

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Reuters reports that the Charles Schwab Corporation will pay a $2.8 million civil fine to settle U.S. SEC charges, that said it failed to file suspicious activity reports on questionable transactions by 37 investment advisers. Schwab was accused of violating the federal Bank Secrecy Act by failing to alert regulators to transactions of at least $5,000 that it suspected might be illegal or posed risks to the company or customers.

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