On March 6, 2026, FinCEN assessed an $80,000,000 civil money penalty against Canaccord Genuity LLC for willful violations of the Bank Secrecy Act and its implementing regulations. Canaccord is a broker-dealer headquartered in New York that provides market-making and trade execution services in securities primarily for institutional clients such as money managers, hedge funds, and financial institutions.
According to FinCEN’s press release, Canaccord’s widespread compliance failures included violations of the requirement to implement and maintain an anti-money laundering program, including failures to conduct appropriate risk-based customer due diligence and to establish and implement internal controls to monitor transactions for suspicious activity. Canaccord failed to file at least 160 suspicious activity reports relating to dozens of different over-the-counter securities, the trading of which involved a high volume of underlying suspicious transactions that FinCEN estimates to be in the thousands.
Canaccord admitted to the violations and agreed to oay a $80 million Civil Money Penalty. This is the largest penalty ever imposed against a broker-dealer for violating the BSA, according to FinCEN.
Read FinCEN’s press release here.
The Consent Order can be found here.