Redbridge Securities LLC has agreed to pay a fine of $475,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

From September 2019 to October 2023, Redbridge failed to establish and implement an anti-money laundering (AML) compliance program reasonably designed to detect and cause the reporting of suspicious transactions by the firm’s customers, in violation of FINRA Rules 3310(a), 3310(f)(ii), and 2010.

Between September 2019 and October 2022, Redbridge also failed to establish and implement a reasonable program to achieve compliance with customer identification and risk profile requirements in violation of FINRA Rules 3310(b), 3310(f)(i), and 2010.

In addition, Redbridge failed to conduct a reasonable independent test of its AML program in 2019 and 2020 or any independent test in 2021, in violation of FINRA Rules 3310(c) and 2010.

Redbridge also failed to establish, maintain, and enforce a supervisory system reasonably designed to achieve compliance with federal securities laws and FINRA rules prohibiting market manipulation, in violation of FINRA Rules 3110 and 2010.

On top of the $475,000 fine, the firm consents to a censure and an undertaking to retain a third-party consultant.

Redbridge Securities LLC, which has been a FINRA member firm since December 2017, offers self-directed trading to retail investors through its mobile application and website. The firm is headquartered in Plano, Texas.