EFG Capital International has agreed to a $650,000 fine and a censure as part of a settlement with the Financial Industry Regulatory Authority (FINRA) for deficiencies in its anti-money laundering (AML) compliance program from 2018 to 2022.
Further violations included EFG’s failure to consistently conduct timely periodic account reviews, which impacted the effectiveness of its AML monitoring, and its neglect to investigate wire transfers rejected by other financial institutions for compliance reasons, even for high-risk customers.