FINRA Fines Webull $4.2M After 120K Accounts Bypassed Proper ID Checks
By Tareq Sikder
AI summary of the source article
FINRA has fined Webull Financial LLC $4.2 million for failures in its anti-money laundering, identity theft prevention, and best execution programmes. The regulator found that Webull approved over 120,000 customer accounts without adequate identity verification.
Key facts
- FINRA fined Webull Financial LLC $4.2 million over AML, identity theft prevention, and best execution deficiencies.
- Webull approved more than 120,000 accounts between January 2020 and September 2023 without adequately verifying applicants' identities.
- Webull settled without admitting or denying the findings and agreed to appoint an independent consultant to review its best execution programme.
Source excerpt · Finance Magnates
The Financial Industry Regulatory Authority has fined Webull Financial LLC $4.2 million for failures in its anti-money laundering, identity theft prevention and best execution programmes. London's trading industry is coming home! FINRA found that Webull approved more than 120,000 customer accounts between January 2020 and September 2023 without adequately verifying applicants' identities. Some acc…