fka BCS Global Markets

03/16/2026: From at least August 2021 through September 2024, Ultima failed to establish and implement an anti-money laundering (AML) program that could be reasonably expected to detect and cause the reporting of potentially suspicious activity relating to low-priced securities transactions in correspondent accounts controlled by the firm’s affiliated FFIs, who traded on behalf of undisclosed customers. As a result, Ultima violated FINRA Rules 3310(a), 3310(f)(ii), and 2010. During the same period, Ultima also failed to establish and implement a reasonably designed due diligence program for correspondent accounts of FFIs, including by failing to conduct periodic reviews of account activity to determine whether the activity was consistent with the type, purpose, and anticipated activity of the account. As a result, the firm violated FINRA Rules 3310(b) and 2010. For these violations, Ultima is censured and fined $100,000...

Reference 2023078062701data-portal.finra.orgfinra.org