Interactive Brokers LLC will pay $38 million in penalties to settle charges it failed to flag suspicious activity and meet anti-money laundering requirements, U.S. markets regulators said on Monday.
The broker-dealer agreed to pay $15 million to the Financial Industry Regulatory Authority for widespread anti-money laundering failures that persisted for over five years, FINRA said.
As part of the deal, the firm will have to implement recommendations from a third-party consultant to remedy the issues. Interactive Brokers will also pay $11.5 million to resolve parallel charges with the U.S. Securities and Exchange Commission over repeated failures to file suspicious-activity reports for U.S. microcap securities trades executed for customers, the agency said in a statement. The firm did not admit or deny the SEC’s findings, it said.
Interactive Brokers will pay another $11.5 million fine to the Commodity Futures Trading Commission for failing as a registered futures commission merchant to diligently supervise employees’ handling of accounts. The firm executed orders for a Harvard graduate who was previously charged with fraud in a Ponzi-like scheme, CFTC said.
Reporting by Jonathan Stempel in New York and Chris Prentice in Washington; Editing by Steve Orlofsky
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