Internet reports that the U.S. Securities and Exchange Commission (SEC) has announced charges against broker-dealer and investment consultant LPL Financial LLC for multiple violations in its anti-money laundering (AML) program. LPL agreed to pay $18 million in civil penalties and committed to improving its anti-money laundering policies and procedures. The SEC's order pointed out that from May 2019 to December 2023, LPL had long-term lapses in customer identification procedures, including failing to promptly close accounts that had not been properly verified by customers. In addition, LPL failed to close or restrict thousands of high-risk accounts, such as marijuana-related and foreign accounts, in accordance with its anti-money laundering policies.