The Financial Industry Regulatory Authority has fined Minneapolis-based Ameriprise Financial Inc. and its affiliated clearing firm $750,000 for failing to have adequate systems in place to monitor wire transfer requests and transmission of customer funds to third-party accounts, the Associated Press reports.

Regulators say Jennifer Guelinas, a former broker based in Indiana, illegally transferred roughly $790,000 from two customers between 2006 and 2010 into outside accounts she controlled, according to Thomson Reuters. She pleaded guilty to a federal wire fraud charge last May and is awaiting sentencing.

"Ameriprise and its affiliated clearing firm missed numerous supervisory red flags, including the fact that two of the wire transfers went to accounts in Guelinas' name," said FINRA Chief of Enforcement Brad Bennett in a news release. "Firms must have robust supervisory systems to monitor and protect the movement of customer funds."

The Business Journal says Ameriprise released the following statement: “We are pleased to have resolved this matter from several years ago and have enhanced our related policies, procedures and technology.”