Former Interactive Brokers AML compliance officer gets fined by FINRA
<img width="562" height="339" src="https://www.leaprate.com/wp-content/uploads/2020/08/finra.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="finra" style="float: left; margin-right: 5px;" link_thumbnail="" loading="lazy" srcset="https://www.leaprate.com/wp-content/uploads/2020/08/finra.jpg 730w, https://www.leaprate.com/wp-content/uploads/2020/08/finra-230x138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2020/08/finra-380x228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2020/08/finra-88x53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2020/08/finra-245x148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2020/08/finra-500x301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>The regulator also alleges that Feist failed to get to know and understand Interactive Broker’s <a target="_blank" href="https://www.leaprate.com/tag/aml/" rel="noopener">AML</a> program and did not even supervise the company’s AML analysts.</p>
<p>FINRA highlighted:</p>
<blockquote><p>While he was AMLCO, Feist learned about, but failed to recognize the import of, facts that should have alerted him that Interactive Brokers’ AML program was not reasonably designed to detect and cause the reporting of suspicious activity or to comply with Bank Secrecy Act regulations.</p></blockquote>
<blockquote><p>As AMLCO, it was Feist’s responsibility to decide whether Interactive Brokers would file a Suspicious Activity Report (SAR). However, Feist incorrectly believed that the firm did not need to file a SAR concerning suspicious activity the firm first learned about from regulators or law enforcement agencies investigating that same conduct.</p></blockquote>
<p>Feist has consented to <a target="_blank" href="https://www.leaprate.com/tag/finra/" rel="noopener">FINRA</a>’s sanctions of the fine and suspension.</p>
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