Canaccord Genuity (CCORF) announced that its U.S. broker-dealer subsidiary has entered into final settlement agreements with the Securities and Exchange Commission, the Financial Industry Regulatory Authority, and the Financial Crimes Enforcement Network. The total settlement amount is $80M, of which $5M, is suspended pending the delivery of a satisfactory suspicious activity reporting lookback review pursuant to the terms of the FinCEN consent order. Canaccord expects the resulting financial impact of the settlement to be approximately $75M, all of which has been previously accrued. As a result, the company does not expect the settlement to have any material impact on its ongoing financial position or results of operations.
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