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Iowa Futures Firm Ordered to Pay $10,000 for Faulty AML Program
By Brian Monroe
printThe National Futures Association (NFA) penalized futures firm Iowa Commodities Ltd. $10,000 for anti-money laundering deficiencies in its seventh AML-related enforcement action of the year. The NFA, in a complaint issued Wednesday, cited the Fort Dodge, Iowa-based company for failure to have a written AML program. The NFA, which issued two Bank Secrecy Act (BSA) related enforcement actions in 2006, said the failure was identified in an October 2005 audit. Futures companies have been required to maintain AML programs since 2002 and follow customer identification procedures and suspicious activity reporting rules since 2003. Iowa Commodities lacked other necessary elements for...
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