FINRA Fines Webull $4.2 Million Over AML and Best-Execution Failures

The Financial Industry Regulatory Authority (FINRA) fined and censured Webull Financial LLC Thursday, Nov. 5, imposing a $4.2 million penalty over anti-money-laundering, identity-theft prevention and best-execution deficiencies. Webull agreed to FINRA’s findings without admitting or denying them. FINRA found that Webull approved more than 120,000 accounts between January 2020 and September 2023 without forming a reasonable belief that it knew the customers’ true identities. During that period, Webull approved at least 7 million accounts, including at least 6.5 million whose identity checks used third-party verification services.

Source: TokenPost