The National Futures Association has fined James Green, chief
compliance officer and principal of FX Direct Dealer (FXDD)
$75,000 for breaching anti-money laundering (AML) practices and
failing to adequately supervise FXDD’s operations.
In addition to the fine, Green agreed to not be employed or act
as an AML compliance officer for any NFA Member or in a
compliance capacity, unless he reports to or is supervised by
another person within the Member’s compliance department, for a
period of one year.
The NFA decision says that Green “willfully” submitted
“deceitful and misleading” information to NFA regarding charges
of asymmetric slippage practices, the removal of funds from
customer accounts that were subject to dispute over what FXDD
believed to be trading at off-market rates, and failing to adequately
manage the firm’s AML program.
Green neither admitted nor denied the allegations and submitted
a settlement offer for $75,000 which the NFA accepted.