10:27 AM EST, 01/17/2025 (MT Newswires) -- LPL Financial ( LPLA ) has agreed to pay an $18 million civil penalty to the US Securities and Exchange Commission to settle charges of anti-money laundering violations, the agency said Friday.

In order to resolve the SEC's charges, the financial services company will also implement improvements to its anti-money laundering policies and procedures, the regulator said.

The SEC said that from "at least" May 2019 until December 2023, the company had failures in its client identification program. LPL didn't close or restrict thousands of high-risk accounts that weren't allowed under the company's anti-money laundering policies, the agency said.

The regulator said that, without admitting or denying its findings, the company also agreed to a censure and a cease-and-desist order in addition to the $18 million fine.

LPL didn't immediately respond to a request for comment by MT Newswires.

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