Interactive Brokers LLC has agreed to pay a total of $38 million to settle claims by U.S. regulators that it failed for more than five years to maintain an adequate anti-money-laundering program. Interactive Brokers consented to the settlements without admitting to or denying the regulators’ findings. Interactive Brokers failed to strengthen its anti-money-laundering program in tandem with that growth, Finra said. According to the SEC, Interactive Brokers during that period failed to file more than 150 suspicious activity reports flagging potential manipulation of microcap securities. Interactive Broker’s fines include two $11.5 million civil penalties by the SEC and CFTC, and a $15 million fine by Finra.

Source: Wall Street Journal August 10, 2020 17:43 UTC