The Commodity Futures Trading Commission filed and settled an administrative action against Zulutrade, Inc., a Greece-based registered introducing broker, for not following the firm’s own anti-money laundering procedures related to screening accounts. According to the CFTC, from October 2010 to at least October 2013, Zulutrade maintained procedures requiring it to review potential accounts against a list of targeted countries publicized by the US Department of Treasury’s Office of Foreign Asset Control. If a country appeared on this list, Zulutrade was generally prohibited from doing business with persons and entities from that country. During the relevant time, the firm apparently relied on third parties to carry out its procedures—as permitted—but failed to have a written agreement with such entities and Zulutrade’s required screening was not undertaken. As a result, Zulutrade introduced 400 persons from targeted countries—mostly from Iran, Sudan and Syria. According to the CFTC, prior to agreeing to its settlement, Zulutrade began following its procedures in connection with every proposed account. As part of its settlement, Zulutrade agreed to pay a fine of US $150,000. The CFTC had charged that the firm’s failure to follow its own procedures in screening accounts was a failure to adequately supervise activities in violation of a CFTC rule (166.3). None of the future commission merchants to whom the relevant accounts were introduced were named by the CFTC.