News
NFA Levies Largest AML Penalty Against Florida Firm, Orders Independent Audits
printThe 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. I Trade FX, which conducts over-the-counter foreign exchange trades, failed to file suspicious activity reports (SARs) on transactions that occurred between November 2006 and April 2008, the NFA said in a statement. In one case, the firm did not report more than $25 million in transactions by a client who claimed an annual income of between $25,000 and $49,000, the NFA said. The decision to fine the company was based on a June...
TO READ THE FULL STORY
Related News
The U.S. Treasury Department's financial intelligence unit fined a now-defunct New Jersey money transmitter $125,000 for repeatedly and willfully violating Bank Secrecy Act requirements.
Mexican officials will extend until February an upcoming deadline for nonbank companies to implement anti-money laundering controls, according to sources with knowledge of the matter.
Lawmakers should expand financial safe harbor protections to allow banks to better share their suspicions about money laundering and its predicate crimes, a top U.S. regulatory official said Sunday.
As a deadline for the implementation of electronic Bank Secrecy Act reporting approached earlier this month, hundreds of financial institutions questioned whether they had too little time to comply with the requirements.
The New York County District Attorney's Office is creating a financial intelligence unit in an effort to expand its use of Bank Secrecy Act reports, the agency's highest official said Monday.
The U.S. Treasury Department and Federal Reserve Board disclosed long-awaited enforcement actions against JPMorgan Chase for Bank Secrecy Act failures Monday - the same day the regulators punished the company for trading violations.
The Manhattan District Attorney's Office has opened dozens of financial crime investigations since the 2010 formation an internal team that reviews suspicious activity reports, a New York official said Monday.
It's a message that has been hammered home repeatedly by the U.S. Treasury Department: the confidentiality of data included in suspicious activity reports is sacrosanct.
Divergences in international lists of predicate offenses to money laundering have hampered the fight against financial criminals, according to a report by the Australian government.
The chief self-regulatory organization examining broker-dealers for anti-money laundering compliance is again allowed to have direct access to suspicious activity reports, the U.S. Securities and Exchange Commission confirmed Thursday.
Hundreds of banks and credit unions are likely to miss a June deadline to comply with federal rules mandating that they file all anti-money laundering regulatory reports electronically.
A Miami bank already on the hook with federal regulators for a lax compliance program was fined $7 million Thursday for failing to address multiple Bank Secrecy Act violations.
Countries should ease their privacy restrictions that hinder cross-border data-sharing on suspicious transactions, according to a Toronto-based intergovernmental group of financial intelligence units.
A former loss mitigation specialist at Chase Bank accepted $10,000 in bribes and illegally disclosed a suspicious activity report to the client it was filed on, a California jury said Monday.
Financial institutions must keep a tight lid on investigations of suspicious account activity, even when transactional alerts don't merit federal regulatory reporting, the U.S. Treasury Department said Tuesday.
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 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.
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."
the National Futures Association has permanently banned Spencer Financial LLC from conducting business in the U.S., in part, because it didnt create and put into practice an adequate anti-money laundering program.
The National Futures Association has permanently barred a New Jersey trading firm for breaking nearly every rule in the industrys playbook, including not having an adequate AML program.