FCA fines UK arm of Interactive Brokers £1m for failing to report suspicious trades

The Financial Conduct Authority (FCA) has fined the UK arm of Interactive Brokers (IBUK) over £1m for failing to identify and report suspicious trades during a one-year period.

Between February 2014 and February 2015, the FCA found "serious and systemic weaknesses" within the firm's post-trade monitoring systems meaning it was prone to not submitting suspicious transaction reports...