NFA directed member firms to a recent FinCEN Alert stressing the AML obligations of futures commission merchants and introducing brokers in the wake of recent Russia-related economic sanctions.
News & Insights
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.
FinCEN solicited comment on potential amendments to the rules under the Bank Secrecy Act that would specify the elements of "an effective and reasonably designed" AML program.
NFA recommended that its member futures commission merchants and introducing brokers review FinCEN's recently issued FAQ concerning customer due diligence in order to ensure that their AML programs meet CDD-related regulatory obligations
The Treasury Department urged financial institutions to be on alert for malicious or fraudulent transactions, and to notify FinCEN of any potential delays in submitting Suspicious Activity Reports.