FinCEN, the SEC, and FINRA announced a coordinated action, collectively fining Canaccord Genuity LLC, a broker-dealer (BD) and OTC market maker, $80 million, the largest penalty ever imposed against a BD, in connection with securities fraud-related violations of the Bank Secrecy Act (BSA) anti-money laundering (AML) provisions. The firm failed to (1) develop, implement, and maintain an effective AML program; (2) conduct required due diligence on correspondent accounts for foreign financial institutions; and (3) file suspicious activity reports (SARs). These failures resulted in the BD (1) failing to timely detect and report numerous securities fraud schemes that resulted in significant harm to investors, (2) onboarding high-risk customers with reported ties to illicit actors, and (3) failing to file at least 160 SARs, which “deprived law enforcement of timely and critical financial information pertaining to suspicious activity.” While the compliance date for FinCEN’s investment adviser AML rule is still pending, the case serves as a reminder that firms should carefully evaluate their AML programs and that regulators continue to focus on such conduct, particularly where the misconduct relates to fraud and/or results in investor harm.