NFA Charges Two Introducing Brokers: One for AML Program Violations, One for Recordkeeping and Capital Minimum Failures
NFA issued separate Complaints charging two NFA-registered introducing brokers with AML program violations and recordkeeping and capital minimum failures.
NFA charged DMFiala LTD ("DMF") with failing to fully implement the firm's anti-money laundering ("AML") program, thereby violating NFA Compliance Rule 2-9(c). NFA found that DMF was required to have its 2013 annual audit of its AML program completed by May 31, 2013, but did not have the audit completed until August 2013. Additionally, NFA found that DMF's 2007 audit was late by approximately 12 months, and that DMF was over four months late in providing AML training to 24 of its 27 associated persons.
In a separate action, NFA charged CC Trading Company LLC and its associated person ("AP") with failing to keep accurate financial records and maintain required minimum adjusted net capital. The Complaint also charged CC Trading and its AP with willful submission of misleading information to NFA, failure to cooperate with NFA and failure to supervise.