FINRA Fines Ultima Global Markets Over AML Failures | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
FINRA has fined The Ultima Global Markets (USA) $100,000 and issued a censure after finding deficiencies in its anti-money laundering (AML) and due diligence programmes.
According to FINRA, the firm failed between August 2021 and September 2024 to implement an AML framework capable of detecting and reporting suspicious activity related to low-priced securities transactions.
The regulator said the firm relied on monitoring reports that excluded its entire trading activity, as these were conducted through delivery-versus-payment and receive-versus-payment accounts.
FINRA also found that Ultima failed to establish an adequate due diligence programme for correspondent accounts held by affiliated foreign financial institutions, including a lack of periodic reviews of account activity.
During the period in question, the firm facilitated at least 332 transactions in low-priced securities, with a total value of approximately $27.5 million.
The regulator concluded that these failures constituted violations of multiple FINRA rules, including those requiring firms to maintain effective AML programmes and uphold high standards of commercial conduct.
Ultima accepted the findings without admitting or denying them and agreed to the sanctions as part of a settlement.
