A broker-dealer (the "Firm") agreed to pay $14.5 million to settle allegations by FinCEN, FINRA and the SEC of deficiencies in its anti-money laundering ("AML") program. According to FINRA, the Firm allegedly failed to establish and implement AML programs designed to monitor specific high-risk transactions in customer accounts, including foreign currency wire transfers and transactions in "penny stocks." According to FinCEN, the Firm failed to develop and implement a risk-based AML program associated with accounts that included both traditional brokerage and banking-like services. In addition

A broker-dealer agreed to settle NASDAQ Stock Market LLC ("Nasdaq") charges of stabilizing in connection with an offering of a security. According to the Letter of Acceptance, Waiver and Consent, Chardan Capital Markets LLC ("Chardan") allegedly entered stabilizing bids into the marketplace with regard to the offering of certain securities without providing notice of its intent to partake in such activity. In addition, FINRA and NYSE Arca, Inc. are undertaking concurrent disciplinary actions regarding Chardan's alleged failure to have adequate written supervisory procedures in place. To settle

The Comptroller of the Currency, Federal Reserve Board and FDIC proposal allowing "advanced-approaches" banking organizations ( i.e., those with $250 billion or more in total consolidated assets, or $10 billion or more in on-balance sheet foreign exposure) to use an alternative approach for calculating derivative exposures under regulatory capital rules was published in the Federal Register. Comments must be received before February 15, 2019. As previously covered, the proposed approach - the standardized approach for counterparty credit risk ("SA-CCR") - would replace the current exposure

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The SEC, MSRB and FINRA opened registration for the Compliance Outreach Program for Municipal Advisors. The program, which provides a forum for municipal advisory industry professionals to discuss various regulatory and compliance issues with regulators, will be held at the Hyatt Regency in San Francisco, California, on February 7, 2019.