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Interactive Brokers to Pay $38M to Settle Regulators’ Charges

Aug. 10, 2020, 2:02 PM

The Securities and Exchange Commission said Interactive Brokers will pay a total of $38 million in penalties to settle charges by regulators after the company was accused of repeatedly failing to file suspicious activity reports.

  • In a separate statement, FINRA said it has fined Interactive Brokers $15 million for widespread failures in the firm’s anti-money laundering (AML) program, which persisted for more than five years
    • FINRA also required Interactive Brokers to certify that it will implement the recommendations of a third-party consultant to remedy the firm’s AML program failures
  • The SEC said the company will pay an $11.5 million penalty ...