TradingBlock has agreed to pay a fine of $210,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

From December 2018 to the present, TradingBlock failed to establish and implement an anti-money laundering (AML) compliance program reasonably designed to detect and cause the reporting of suspicious transactions.

The firm also failed to include in its AML program appropriate risk-based procedures for conducting ongoing customer due diligence and monitoring.

As a result, the firm violated FINRA Rules 3310(a), 3310(f), and 2010.

For these violations, TradingBlock consented to a censure, a $210,000 fine, and an undertaking to certify that it has remediated its AML policies and procedures.

TradingBlock has been a FINRA member since 2004. Headquartered in Chicago, Illinois, the firm has five branch offices and approximately 20 registered representatives. The firm’s primary business line is providing online brokerage services for self-directed options trading to its retail and professional customers.