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The National Futures Association fined a Florida forex trader $250,000 Friday for anti-money laundering compliance failures, the largest such monetary penalty handed down by the self-regulatory organization.
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.
A crackdown by the futures industry's self-regulatory organization this year has resulted in a record number of enforcement actions against companies operating in the multi-trillion dollar risk-laden industry.
The new rules require financial institutions to obtain "reasonably available" information about the anti-money laundering records of certain foreign correspondent banks.
The NFA stated that Forex International Investments, Inc. failed to adequately train its employees and properly file suspicious activity reports.
The National Futures Association penalized Angus Jackson Futures Inc. $10,000 for anti-money laundering program deficiencies in the third regulatory action the organization handed down in a month.
