US Forex trader fined

A U.S-based foreign exchange entity of which Olint boss, David Smith was a principal has been fined for failing to put in place a proper anti-money laundering programme.



The entity called I-Trade has been fined US$250,000 by the National Futures Association.



The Association says I-Trade and its main principal, Isaac Martinez, had no system in place to identify customers with questionable background, among other things.



The National Futures Association had raised questions about David Smith’s background and his source of funds.



It had asked that Smith’s personal bank records be provided since he had provided 100 per cent of I-Trade’s capital.



When the suspicions were raised, I-Trade withdrew Smith from their list of principals and repaid his membership interest.



But following months of investigation, the National Futures Association found that I-Trade held accounts in the name of Olint and TCI FX Traders, which are Smith’s entities.



The association also found that I- Trade failed to report other accounts with suspicious money transfer activity.