In a move that mirrors some of the actions being taken across the pond with regards to customer data infractions, the Securities and Exchange Commission (SEC) has charged US-based broker-dealer Pinnacle Capital Markets with failing to comply with a key piece of anti-money laundering (AML) legislation and forced it to pay out a US$25,000 fine. The regulator indicates that the firm failed to correctly verify the identities of its customers and document this information for a period of six years, despite having established a specific customer identification programme for this purpose. Moreover, the Financial Crimes Enforcement Network (FinCEN) has fined Pinnacle another US$25,000 for violating the Bank Secrecy Act (BSA) due to its related customer data management failings.

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