Corporate report

TAMPA BAY
Raymond James fined $17 million
The Financial Industry Regulatory Authority (FINRA) fined two Raymond James companies a total of $17 million for “widespread failures related to the firms' anti-money laundering (AML) programs,” a statement says.

Raymond James & Associates Inc. was fined $8 million and Raymond James Financial Services Inc. received a $9 million fine. Linda Busby, a former anti-money laundering compliance officer with Raymond James & Associates, was fined $25,000 and suspended for three months.

According to FINRA, the companies failed “to establish and implement adequate AML procedures, which resulted in the firms' failure to properly prevent, detect, investigate and report suspicious activity for several years.”