VIENNA, Va. – The Financial Crimes Enforcement Network (FinCEN) today announced the assessment of a civil money penalty of $50,000 against Pinnacle Capital Markets, LLC, Raleigh, N.C., for violating the Bank Secrecy Act (BSA). Pinnacle, without admitting or denying the allegations, consented to payment of the civil money penalty. This civil money penalty shall be satisfied by two $25,000 payments to the United States Department of the Treasury, which include the payment of a concurrent assessment of $25,000 by the Securities and Exchange Commission (SEC) for violations of Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-8 thereunder.
FinCEN determined that Pinnacle failed to establish and implement an adequate anti-money laundering program, establish an adequate due diligence program for foreign correspondent accounts, obtain and verify required customer identification program information for account holders, and establish and implement adequate procedures for monitoring suspicious transactions that led to the failure to file suspicious activity reports.
Detailed news link: here
Detailed assessment report link: here