Interactive Brokers Disbursed $38,000,000 in AML Claims
Interactive Brokers has been fined by three regulators for non-compliance, including for refusing to report suspicious transactions. The company has not filed 150 suspicious activity reports, according to the Securities and Exchange Commission, which could indicate potential securities manipulation.
In total, Interactive Brokers LLC had to pay $38 million to resolve claims by regulators that it failed to implement an anti-money laundering program within 5 years.
According to regulators, the American broker did not track client transfers for hundreds of millions of dollars for money laundering and did not report potential manipulations with securities in client accounts.
Interactive Brokers has agreed to the settlement without denying the terms of the regulators. The company said it was ready to cooperate with supervisory authorities and took steps to strengthen measures to protect against money laundering.
To know all the pros and cons of the broker, as well as customer feedback on its work, read the Interactive Brokers expert review on the Forex-Up portal.