Interactive Brokers Pays $11.8 Million to Resolve US Sanctions Breaches

The U.S. Treasury Department’s Office of Foreign Assets Control said on 15 July it has reached an $11.83 million settlement with Interactive Brokers LLC over “apparent violations” of several U.S. sanctions programs. OFAC alleged that the online brokerage provided securities trading and other investment services to individuals and entities in Iran, Cuba, Syria and the Crimea region of Ukraine. The activities, which the firm reportedly self-disclosed, contravened restrictions aimed at isolating those jurisdictions from the U.S. financial system. Interactive Brokers agreed to pay the civil penalty and undertake remedial measures, including enhancements to its sanctions-screening and compliance controls. OFAC said the settlement underscores its commitment to enforcing sanctions across the financial sector.