FINRA fines Webull $4.2M over deficiencies in identity verification and AML

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FINRA fined Webull $4.2M for deficiencies in its AML, identity theft prevention, and best execution programs. Between January 2020 and September 2023, Webull approved more than 120,000 customer accounts with inadequate identity verification, and failed to timely investigate 473 unauthorized ACH transfers exceeding $1.5 million, as well as one account that generated nearly 13,000 suspicious activity alerts. Webull agreed to remediate its AML and identity theft prevention deficiencies and appoint an independent consultant to review its best execution program.