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ARTICLE · 18 JUNE 2018

NFA Files Complaint Against Introducing Broker For AML Program Deficiencies

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The National Futures Association ("NFA") charged an introducing broker with failing to fully implement its anti-money laundering ("AML") program.

United StatesGovernment, Public Sector
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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