The National Futures Association (NFA) of the United States has ordered Sigma Broking Limited to pay a fine of $150,000.
Sigma Broking is an NFA Member introductory broker located in London, UK.
The decisionissued by an NFA hearing panel, is based on a Complaint issued by the NFA Business Conduct Committee and a settlement offer submitted by Sigma Broking, in which the company neither admitted nor denied the allegations in the Complaint.
In its decision, the hearing panel found that Sigma Broking:
- failed to conduct annual anti-money laundering audits, in violation of NFA Compliance Rule 2-9(c);
- failed to keep pre-trade written communications readily accessible in violation of NFA Compliance Rule 2-10(a). and
- failed to supervise, in violation of NFA Compliance Rule 2-9(a).