ICBC

In May 2018, FINRA fined ICBC $5.3M for AML violations that included a failure to monitor and detect suspicious transactions.

From 2012 through 2015, ICBC took on thousands of new introduced accounts (through an introducing broker) for which it cleared and settled the liquidation of more than 33 billion shares of penny stocks.

During that period, ICBC did not have proper surveillance reports that monitored potentially suspicious penny stock liquidations.

This is despite ICBC having discovered some conduct and communicated as such to the introducing broker (page 3).

Similar activity was also investigated by the SEC which settled with the introducing broker for $1M and ICBC for $860,000.

Examples of the transactions in question can be found in the SEC order against the introducing broker (pages 7-10).