SEC CHARGES BROKERS OVER FAILURE TO SUBMIT SAR – WILL PAY A TOTAL OF $38 MILLION IN PENALTIES

A release on Mondo Visione on 10 August advised that the SEC had announced that Interactive Brokers LLC will pay an $11.5 million penalty to settle charges it repeatedly failed to file SAR for US microcap securities trades it executed on behalf of its customers. In parallel actions.  Meanwhile, FINRA and CFTC announced settlements with Interactive Brokers related to AML failures in which the registered broker-dealer agreed to pay penalties of $15 million and $11.5 million, respectively, for a total of $38 million in penalties paid to the 3 agencies.

https://mondovisione.com/media-and-resources/news/sec-charges-interactive-brokers-with-repeatedly-failing-to-file-suspicious-activ/

https://mondovisione.com/media-and-resources/news/cftc-orders-interactive-brokers-llc-to-pay-more-than-12-million-for-anti-money/

https://www.investmentnews.com/interactive-brokers-finra-money-laundering-195922

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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