The Financial Industry Regulatory Authority has issued a $10 million fine against the broker-dealer Morgan Stanley Smith Barney LLC after concluding it failed to properly supervise an anti-money laundering program over a period of five years.

FINRA, the nonprofit organization that protects investors and market integrity, concluded that Morgan Stanley’s anti-money laundering (AML) program failed to meet the requirements of the Bank Secrecy Act because of three major issues:

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