Interactive Brokers

Interactive Brokers was fined and censured $38 million in total penalties to SEC, FINRA and CFTC. The charges stemmed from the lack of supervision of FFIs in high risk jurisdictions in monitoring their money movements (e.g. missing wire information, third-party wires, reviewing deposits/withdrawals) and trading in microcap securities (e.g. insider trading and deposit microcap securities, sales and withdrawals of sales proceeds).

The company’s compliance department was also understaffed, it lacked proper technical resources and case management systems, did not file SARs and did not conduct an independent AML audit.