NFA ordered Sigma Broking Limited to pay $150k Fine

The NFA has ordered Sigma Broking Limited (Sigma Broking) to pay a $150,000 penalty for many alleged compliance violations, according to a judgment published on May 28. The authority said Sigma Broking did not conduct the yearly anti-money laundering audits in 2020, 2021, or 2022, maintain written pre-trade communications in a conveniently available location, or adequately oversee its operations.

Sigma Broking offered a proposal that neither accepted nor denied the Complaint's claims and suggested settling the charges against it by agreeing to pay a $150,000 fine to NFA within 30 days of the Decision's effective date.

According to NFA, During an examination of Sigma Broking in March 2023 (2023 examination), NFA found that the firm again failed to conduct its AML audits and properly calculate its ANC, among other deficiencies. Sigma Broking has been registered as an IB and an NFA Member since 2014 and was approved as a swap firm in September 2016. The firm's main office is in London, United Kingdom, with approximately 20 associated persons (APS).

About NFA

The National Futures Association (NFA) is an independent self-regulatory organization for the United States futures and derivatives markets. The NFA, a licensed futures association designated by the Commodity Futures Trading Commission (CFTC), is responsible for safeguarding the integrity of derivatives markets, protecting investors, and ensuring that members comply with regulatory requirements.

Install the WikiFX app on your smartphone to stay updated with the latest news.