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April 28, 2009
NFA fines I Trade FX LLC $250,000 for failing to implement anti-money laundering program
April 28, Chicago - National Futures Association (NFA) has fined I Trade FX LLC (I-Trade) $250,000 for failing to implement an adequate anti-money laundering (AML) program. I-Trade is a Futures Commission Merchant and Forex Dealer Member of NFA located in Lake Mary, Florida. I-Trade solely conducts retail, off-exchange forex business. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in June 2008.
The Panel found that I-Trade failed to adequately implement its AML program by not filing a suspicious activity report (SAR), not investigating deposit and withdrawal activities of the accounts of two Jamaican investment clubs, Olint TCI and TCI FX, and not investigating the source of funds received from two of I-Trade's customers. Along with the $250,000 fine I-Trade must retain an independent auditing firm to conduct audits to review I-Trade's compliance with the Bank Secrecy Act, NFA's AML rules and I-Trade's own AML procedures.
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