On March 6, the Financial Crimes Enforcement Network (FinCEN) announced a historic $80 million civil money penalty against Canaccord Genuity LLC for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. FinCEN, which is part of the U.S. Treasury Department, has principal responsibility for administration of U.S. anti-money laundering (AML) and terrorist financing laws.Continue Reading FinCEN Update: Huge Penalty on Broker-Dealer for Willful AML, SAR, and Due Diligence Failures
Michael Brady
Michael Brady joined Bass, Berry & Sims in 2007 as a Member of the firm and serves as co-chair of its Broker-Dealer & Financial Products Practice Group. For over twenty-five years, Michael has focused his practice on serving clients in the financial services industry in a wide range of matters including defending class actions and investor arbitrations, litigating non-compete and recruitment cases, and prosecuting and defending raiding claims. Michael has appeared before courts and arbitration panels throughout the country representing broker-dealers, financial institutions, investment advisers and registered representatives in disputes involving sales practices, breach of contract, complex structured products and product failure(s), selling away, raiding and employee transitions, and allegations of fraud, breach of fiduciary duty and failure to supervise.