The Financial Crimes Enforcement Network (FinCEN) assessed a USD 80,000,000 civil money penalty against Canaccord Genuity LLC for willful violations of the Bank Secrecy Act, marking the largest BSA penalty ever imposed on a broker-dealer. The action centres on widespread failures to implement and maintain an AML program that met BSA requirements, including risk-based customer due diligence and internal controls for monitoring suspicious activity. FinCEN found that these deficiencies contributed to Canaccord’s failure to timely detect and report numerous securities fraud schemes and to its onboarding of high-risk customers with reported ties to illicit actors. The firm failed to file at least 160 suspicious activity reports across dozens of over-the-counter securities, with the underlying suspicious transactions estimated by FinCEN to be in the thousands. Under the resolution, Canaccord admitted willful BSA violations, including failures to maintain an effective AML program, conduct required due diligence on correspondent accounts for foreign financial institutions, and file SARs; FinCEN also noted cooperation with the US Securities and Exchange Commission and the Financial Industry Regulatory Authority.
Financial Crimes Enforcement Network 2026-03-06
Financial Crimes Enforcement Network imposes record USD 80 million Bank Secrecy Act penalty on Canaccord Genuity for willful AML violations
FinCEN imposed an USD 80 million penalty on Canaccord Genuity LLC for willful Bank Secrecy Act violations, marking the largest BSA penalty on a broker-dealer. Canaccord failed to implement an adequate anti-money laundering program, conduct risk-based customer due diligence, and file at least 160 suspicious activity reports. The firm admitted to these violations and cooperated with the US Securities and Exchange Commission and the Financial Industry Regulatory Authority.