Aegis Investments, Inc. (CRD #16033, St. Louis Park, Minnesota)

March 11, 2022 – An AWC was issued in which the firm was censured and fined $7,500. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to conduct annual independent testing of its anti-money laundering (AML) compliance program. The findings stated that although the firm conducted quarterly testing of its AML compliance program, the test was performed by a registered representative who was supervised by, and reported to, the firm’s AML Compliance Officer and therefore was not independent as required. The firm also failed to conduct a risk-based review of its AML program and its compliance with the Bank Secrecy Act because the testing focused on reviewing transactions for unusual activity and did not evaluate the firm’s written AML procedures or compliance program. (FINRA Case #2021069363301)