Archipelago agrees to pay $1.5 million to settle SEC lawsuit alleging it failed to file hundreds of suspicious activity reports

According to TechFlow, the SEC accused Archipelago Trading Services Inc. (ATSI) of failing to submit hundreds of legally required suspicious financial transaction reports, or Suspicious Activity Reports (SARs), between August 2012 and September 2020. These reports were related to over-the-counter (OTC) securities transactions executed on ATSI's alternative trading system (ATS).

ATSI agreed to accept accusations, cease and desist, and not admit the SEC’s findings, and to pay a $1.5 million penalty.