The Ultima Global Markets (USA), Inc., formerly known as BCS Global Markets, has agreed to pay a fine of $100,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

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 foreign financial institutions (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.

On top of the $100,000 fine, the firm has agreed to a censure.

The Ultima Global Markets (USA), Inc, which is located in New York, New York, has been a FINRA member since January 2000. Ultima’s primary business was facilitating trading through delivery-versus-payment/receive-versus-payment (DVP/RVP) correspondent accounts for two affiliated foreign financial institutions (FFIs).