A Minnesota-based futures commission merchant was fined $6.5 million by the Commodities Futures Trading Commission (CFTC) for anti-money laundering (AML) program gaps and other risk management and recordkeeping failures.
CHS Hedging failed to apply adequate AML policies from January 2017 through December 2020 in the case of an owner of a ranching business and his futures and options trading account, the CFTC alleged in its order published Tuesday. The ranch owner is not named in the order, though the agency listed its case against Cody Easterday and Easterday Ranches under related filings.
