7 May, AtoZForex.com, Lagos — AMF blacklists 70 brokers, as a result of its regular duty of keeping a close watch on the financial system so far. The France’s Autorité des marchés financiers (AMF), has again updated its FX black list. This is a list of unlicensed firms selling FX trading products and services to individuals within its jurisdiction without due authorization from the relevant regulatory body.
According to the latest report, five new firms have been flagged, as AMF blacklists 70 brokers in total at the moment. Below is a highlight of the five new additions to the black list:
|Name of firm||Website|
|Original Markets Ltd||www.lambergkapital.com|
|Gainsy Forex broker Company||www.gainsy.com/fr /|
|Globstate Assets Holdings Ltd||www.versaillesfinances.com|
|GFS Securities Ltd||www.gfssecurities.com|
AMF mystery inquisition
In follow up of the regulator’s recent mystery inquisition, which involved the French regulator carrying-out an intensive campaign targeting brokers offering Forex services that are operating in the AMF’s jurisdiction. The sole purpose of this act was to evaluate and find out which brokers are operating against the set standards of the AMF. The french financial regulator has found through its inquiry that clients of several firms where allowed to open accounts, deposit and trade without full verification of details. These required details are for example the copies of their debit card.
Apparently, the clients were able to execute trades without proper verification, but once they wanted to make withdrawals, the clients were blocked to claim their funds. No wonder, AMF mystery inquisition will lead to multiple bans.
These recent discoveries has presented new critical issues to the French regulator, urging the watchdog to push for a new legislative provision. One that will authorize the regulator to ban the advertisement of high-risk financial products and services. Aside this empowerment, the regulators should also be able to ban websites that are guilty of fraudulent campaigns.
Stay away from unregulated brokers
The AMF has issued many warnings, so far AMF blacklists 70 brokers, hence the regulator advises against doing business with many unauthorised Forex businesses over the past few years. Also, many papers and publications have also been published with information letters about risks involve in Forex trading.
The French regulator advises the public to stay away from all unregulated brokers and stresses that any suspicious issue should be duly reported and appropriate legal actions, which will be taken by the french regulator on immediate course.
Think we missed something? Let us know down in the comments section.