FINRA Assesses a Penalty Against Vision Financial

Vision Financial Markets LLC and Vision Brokerage Services have recently agreed to pay a fine as part of a settlement with the Financial Industry Regulatory Authority (FINRA). Vision Financial and Vision Brokerage failed to design and implement an adequate anti-money laundering program, according to the information provided by FINRA.

Vision Brokerage has been a FINRA member since the year 2000. In 2008, Vision Financial became a member of FINRA. In March 2019, Vision Financial reached a settlement with the SEC in which it was censured and required to pay a $625,000 civil penalty.

"From September 2016 to December 2020, Vision Financial and Vision Brokerage failed to develop and operate an anti-money laundering (AML) program that was reasonably designed to achieve and monitor the firm's compliance with the Bank Secrecy Act and the regulations promulgated thereunder. FINRA stated that the firms failed to establish and implement policies and procedures related to the firm's business that may reasonably be expected to detect and result in the reporting of suspicious behavior emanating from transactions and money movements in domestic and foreign retail accounts.

In addition, the authorities emphasized that Vision Financial accepted non-U.S.-based customers over the aforementioned time period. Vision Financial and Vision Brokerage failed to establish and maintain an adequate system of supervision.

All broker-dealers are expected to create and operate an AML program, according to the authority. ViewTrade was fined $250,000 for AML and reporting violations last month.

"From August 2018 to December 2020, Vision Financial provided its customers with direct market access to an alternative trading system (ATS) and multiple exchanges, but failed to establish, document, and maintain adequate financial risk management controls and procedures designed to limit the financial and regulatory risks associated with this activity. "As a result of Vision Financial's deficiencies, potentially manipulative trading occurred and orders entered the markets without being exposed to adequately designed risk management procedures," FINRA noted.