TradeUP & US Tiger Securities Settle with FINRA Over AML & Communications Violations
TradeUP Securities (TradeUP) and US Tiger Securities (US Tiger) have agreed to a hefty $950,000 fine for failing to meet key regulatory standards. The issues stem from violations related to their anti-money laundering (AML) programs, their failure to conduct adequate due diligence on foreign financial institution correspondent accounts, and a troubling lapse in communications retention. While the firms did not admit to the violations, the settlement resolves the matter without the threat of further action from FINRA, provided the terms are met.