WASHINGTON AP – E-Trade Financial Corp. on Wednesday agreed to pay $1 million in a settlement with federal regulators who accused the retail brokerage firm of failing to verify more than 65,000 customers’ identities to prevent money laundering.
The Securities and Exchange Commission announced the settlement with two divisions of the New York-based company, E-Trade Clearing LLC and E-Trade Securities LLC. The brokerage firm also agreed to be censured and to hire an independent consultant to oversee the adequacy of its program to comply with anti-money-laundering rules.
