Young America Capital LLC has agreed to pay a fine of $50,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

Since at least August 2020, Young America has failed to develop and implement a written anti-money laundering (AML) program reasonably designed to achieve compliance with the requirements of the Bank Secrecy Act (BSA) and its implementing regulations.

Specifically, the firm failed to establish and implement policies and procedures that could be reasonably expected to detect and cause the reporting of suspicious transactions.

As a result, Young America violated FINRA Rules 3310(a), 3310(f)(ii) and 2010.

Young America also failed to provide reasonable AML training to its registered representatives in violation of FINRA Rules 3310(e) and 2010.

For these violations, Young America is censured and fined $50,000. The firm has also agreed to an undertaking that a member of its senior management who is a registered principal of the firm shall certify in writing that the firm has remediated the issues and implemented a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with Rules 3310(a), 3310(e), and 33 10(f)(ii).

Young America Capital LLC has been a FINRA member since March 2010. The firm, which is located in Mamaroneck, New York, has approximately 50 registered representatives and has one registered branch office. Young America’s primary business is providing investment banking and mergers and acquisitions advisory services to a wide variety of businesses, including those in the life sciences, and technology, media, and telecommunications sectors.