A futures commission merchant settled CFTC charges for failing to (i) implement an adequate AML program, (ii) impose risk-based trading position limits on a customer's accounts and (iii) maintain customer records for a substantial period of time.
News & Insights
FinCEN issued an advance notice of proposed rulemaking "on the possibility of FinCEN establishing a "no-action letter process" under the Anti-Money Laundering Act of 2020.
A derivative exchange specializing in the trading of products based on virtual currencies settled CFTC and FinCEN charges for operating as an unregistered futures commission merchant and for Bank Secrecy Act violations.
The CFTC filed charges against five entities and three individuals for owning and operating an unregistered platform for the trading of derivatives on cryptocurrencies.
The CFTC Division of Swap Dealer and Intermediary Oversight reminded futures commission merchants and introducing brokers of their compliance requirements regarding suspicious activity reporting and economic sanctions programs.