Oppenheimer Holdings, the Toronto-based holding company for securities brokerage and investment firms, said it will pay $4.4m (€3.7m) in fines to settle various regulatory issues, including insufficient anti-money-laundering procedures, alleged by the New York Stock Exchange and US Treasury Department.

The charges brought against Oppenheimer Holdings concerned its main business unit, investment firm Oppenheimer & Co. The NYSE and US Treasury Department alleged that the firm's anti-money-laundering processes, as well as some transfers and conversions in operational systems, were inadequate.

Michael Ha in New York

Oppenheimer Holdings

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Oppenheimer agrees $4.4m settlement

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