United States:
NFA Files Complaint Against Introducing Broker For AML Program Deficiencies
18 June 2018
Cadwalader, Wickersham & Taft LLP
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The National Futures Association ("NFA") charged an introducing broker with failing to
fully implement its anti-money laundering ("AML")
program.
In the Complaint, NFA alleged that the introducing
broker LBS Limited Partnership ("LBS") failed to (i)
conduct an independent annual review of its AML program in 2016 and
(ii) train two employees within a timely manner.
Following the proceedings, if found liable, the NFA may impose a
fine of up to $250,000 per violation.
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