TORONTO — Canaccord Genuity Group Inc. has agreed to pay a little bit over $100 million in a settlement reached with three U.S. monetary regulators for “wilful violations” of anti-money laundering legal guidelines.
The U.S. Division of the Treasury’s Monetary Crimes Enforcement Community (FinCEN) says Canaccord’s “widespread compliance failures” embrace not conducting correct buyer due diligence and never establishing acceptable inside controls to detect suspicious exercise.
It says the lapses resulted in Canaccord failing to well timed detect and report quite a few securities fraud schemes that triggered vital financial hurt to harmless traders.
The settlement reached with FinCEN, the U.S. Securities and Alternate Fee and the Monetary Crimes Enforcement Community features a $109.4 million civic penalty, which FinCEN says is the most important ever imposed in opposition to a broker-dealer for violations of the Financial institution Secrecy Act.
Canaccord says it expects to pay about $102.6 million as a portion of the penalty was suspended, pending a passable overview of its suspicious exercise studies.
Canaccord lead impartial director Michael Auerbach says in a information launch that the agency’s board is happy that the regulatory issues are resolved and that there’s been a wholesale change of compliance management and oversight at Canaccord.
This report by The Canadian Press was first printed March 6, 2026.
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The Canadian Press