US Treasury announces $11.8 million settlement with Interactive Brokers

The U.S. Treasury Department's Office of Foreign Assets Control said on Tuesday a $11.8 million settlement had been reached with Interactive Brokers IBKR over the company's possible violations of several sanctions programs.

The potential violations arose from Interactive Brokers providing services to people in Iran, Cuba, Syria and the Crimea region, processing security trades subject to the Chinese Military-Industrial Complex program and processing transactions for individuals who are blocked under OFAC’s sanctions programs, the office said in statement.