The Securities and Exchanges Commission (SEC) has slapped Interactive Brokers with a staggering  penalty after the brokerage firm failed to report Suspicious Activity Reports (SARs) for microcap securities trades. The SEC penalty stands at $11.5 million while parallel actions from FINRA and the CFTC draw up a total bill of $38 million following a series of “anti-money laundering failures”. According to a press release published by the SEC, over a one-year period: “Interactive Brokers failed to file more than 150 SARs to flag potential manipulation of microcap securities in its customers’ account.” SEC charges interactive brokers with repeatedly failing to file suspicious activity reports https://t.co/YA9McvPbSi — SEC_News (@SEC_News) August 10, 2020 The order finds that “Interactive Brokers failed to recognise ...
Continue reading Interactive Brokers hit with $38m penalty amid regulatory clampdown

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