Feb 25 (Reuters) – A “disturbingly large” number of U.S. securities brokerages are not filing mandatory reports with regulators about customer transactions that could signal money laundering, the Securities and Exchange Commission’s enforcement head said on Wednesday.
Brokerage firms file an average of five reports each per year, a number that is “disconcerting” and “far too low” given the and industry’s volume of transactions, said Andrew Ceresney, director of the SEC Division of Enforcement, in prepared remarks.