{"id":1998,"date":"2017-12-23T22:32:52","date_gmt":"2017-12-24T04:32:52","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1998"},"modified":"2022-03-22T15:16:19","modified_gmt":"2022-03-22T20:16:19","slug":"financial-firm-news-raymond-james-fined-2m-email-supervision-finma-finds-jpmorgan-chase-responsible-anti-money-laundering-violations-bank-america-wells-fargo-citigroup","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/financial-firm-news-raymond-james-fined-2m-email-supervision-finma-finds-jpmorgan-chase-responsible-anti-money-laundering-violations-bank-america-wells-fargo-citigroup\/","title":{"rendered":"Financial Firm News: Raymond James Fined $2M Over Email Supervision, FinMa Finds JPMorgan Chase Responsible for Anti-Money Laundering Violations, and Bank of America, Wells Fargo, Citigroup, and Other Big Banks Get Federal Approval for Their Living Wills"},"content":{"rendered":"<p>&nbsp;<\/p>\n<h2><strong>Raymond James Financial to Pay Fine to FINRA Over Email Communications<\/strong><\/h2>\n<p>The Financial Industry Regulatory Authority has fined Raymond James Financial Services (RJF) $2M for not maintaining supervisory systems and procedures that were \u201creasonably designed\u201d enough to oversee emails. The firm settled the case but without denying or admitting to the charges. It also agreed to a risk-based retrospective review of past emails for potential violations.<\/p>\n<p>FINRA examined Raymond James&#8217; email system \u201cduring a nine-year review period.\u201d According to the self-regulatory organization, the system had significant flaws that allowed email communications to not undergo \u201cmeaningful review.\u201d As a result, \u201cunreasonable risk\u201d was created that could have allowed for \u201ccertain misconduct\u201d to go undetected. Also, the firm did not assign enough resources or staff to the team tasked with evaluating emails that had been flagged by the system, even as the number of flagged correspondence grew in volume.<\/p>\n<p>FINRA said that Raymond James \u201cunreasonably excluded\u201d certain personnel who worked on customer brokerage accounts from \u201cemail surveillance.\u201d The SRO claims that the emails of 300 registered representatives who were employed in branches with their own email servers were not subject to the \u201clexicon\u201d of phrases and words for detecting emails that might merit review for potentially suspect conduct.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/financial-firm-news-raymond-james-fined-2m-email-supervision-finma-finds-jpmorgan-chase-responsible-anti-money-laundering-violations-bank-america-wells-fargo-citigroup\/#more-1998\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Raymond James Financial to Pay Fine to FINRA Over Email Communications The Financial Industry Regulatory Authority has fined Raymond James Financial Services (RJF) $2M for not maintaining supervisory systems and procedures that were \u201creasonably designed\u201d enough to oversee emails. The firm settled the case but without denying or admitting to the charges. It also [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3953,3752,3739,3776,3958,3758],"tags":[],"class_list":["post-1998","post","type-post","status-publish","format-standard","hentry","category-arbitration-rulings","category-financial-firms","category-finra","category-finra-settlements","category-jp-morgan-chase","category-raymond-james"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Raymond James Fined $2M Over Email Supervision And Other News &#8212; Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"FINRA has fined Raymond James Financial Services $2M for not maintaining supervisory systems that were \u201creasonably designed\u201d enough to oversee emails\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/financial-firm-news-raymond-james-fined-2m-email-supervision-finma-finds-jpmorgan-chase-responsible-anti-money-laundering-violations-bank-america-wells-fargo-citigroup\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Raymond James Fined $2M Over Email Supervision And Other News &#8212; 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