FINRA Fines Webull $4.2 Million for Compliance Deficiencies
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On November 6, 2026, Finance Magnates reported that FINRA fined Webull $4.2 million for deficiencies in its anti-money laundering (AML), identity theft prevention, and best execution programs. The report stated that between January 2020 and September 2023, Webull approved more than 120,000 customer accounts with insufficient identity verification; it also failed to promptly investigate 473 unauthorized ACH transfers totaling more than $1.5 million, as well as an account that generated nearly 13,000 suspicious transaction alerts. Webull agreed to remediate the deficiencies in its anti-money laundering and identity theft prevention programs and appointed an independent consultant to review its best execution program.
AI-written from reports · updated 1 hour ago
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- Finance MagnatesSelectedFINRA fines Webull $4.2M over deficiencies in identity verification and AML
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.
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