NFA fines IBFX over compliance failures

Abstract

The US National Futures Association (NFA) has ordered Interbank FX (IBFX) and its chief executive officer, Todd Crosland, to jointly pay a $225,000 fine for money laundering compliance failures, and failure to supervise electronic trading. IBFX eventually filed a suspicious activity report with the NFA, but the regulator said it was only after the broker learned the agent was under federal investigation for defrauding customers of $31 million, for which he was eventually indicted. IBFX allegedly allowed the agent to withdraw $2 million dollars even after learning of the investigation.