July 30, 2008 / 3:16 PM / 11 years ago

E*Trade to pay $1mln for anti-money launder lapse-SEC

WASHINGTON, July 30 (Reuters) - E*Trade Financial Corp (ETFC.O) agreed to pay $1 million to settle allegations that two of its brokerage firms failed to follow U.S. anti-money laundering rules, securities regulators said on Wednesday.

E*Trade Clearing LLC and E*Trade Securities LLC agreed to settle an administration proceeding brought by the Securities and Exchange Commission without admitting or denying any wrongdoing, the SEC said.

The SEC alleged the firms failed to properly document and verify the identities of more than 65,000 customers, as required by several rules, including the Bank Secrecy Act. (Reporting by John Poirier; editing by Jeffrey Benkoe)

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