Utah currency trading firm agrees to pay fine

Utah currency trading firm agrees to pay fine

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SALT LAKE CITY (AP) -- A foreign currency trading firm has agreed to pay $225,000 to settle allegations it failed to monitor retail accounts for evidence of money laundering.

The National Futures Association says Interbank FX of Salt Lake City and principal Todd Crosland agreed to tighten up the firm's trading practices.

Violations against Amanda Albretsen, also an Interbank principal and its former compliance director, are being held open conditionally for a year.

The association is licensed by the Commodity Futures Trading Commission to enforce market rules on everything from pork bellies to foreign currencies.

Interbank didn't return a message The Associated Press left on the firm's automated phone system. In the settlement approved Tuesday, the firm and its principals didn't admit or deny the allegations.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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