Futures merchant Forex International Investments, Inc. agreed to pay $100,000 to settle charges that included failing to initiate an anti-money laundering program . The National Futures Association said Irvine, California-based Forex did not adequately train its employees, verify the identities of certain customers, or properly file suspicious activity reports (SARs). The decision, issued April 19, was the NFA's 12th AML-related enforcement action this year. It issued two such actions in 2006. The penalty, the highest against a futures merchant since the NFA started issuing AML-related enforcement actions last year, is the result of AML problems the NFA found in a...
The U.S. Treasury Department's financial intelligence unit and the Commodity Futures Trading Commission will share data in an effort to better enforce the Bank Secrecy Act among futures commission merchants.
The National Futures Association Thursday accepted a broker's withdrawal from membership for two years and the closure of his companies for life to settle two complaints it had filed against Stuart A. Mehler and his companies.
The NFA expelled Mercer Capital Inc. in Portland, Ore., for using "high-pressure sales techniques" and "misleading statements" and Mercer Capital Management in Boca Raton, Fla., for failing to keep proper records and failing to "initiate an adequate anti-money laundering program."