The US National Futures Association (NFA) has ordered OANDA Corporation to pay a USD200,000 fine. OANDA Corporation is based in Toronto, Canada, and is an NFA member. The NFA alleged OANDA failed to implement an adequate anti-money laundering (AML) program, to submit accurate daily forex reports to the NFA, and other compliance rules regarding security systems, handling of customer complaints, and appropriate supervision.
Earlier this month, the NFA filed a complaint against OANDA Corporation and gave the retail broker 30 days to respond to the NFA’s complaint. The broker was facing possible termination of NFA membership, as well as a fine of up to USD500,000 for each violation found, in case OANDA decides to go to court.