Russian Forex self-regulatory body to check FINAM Forex and VTB Forex in 2020

Maria Nikolova

The checks at both Forex dealers are planned and will continue 60 days each.

The Association of Forex Dealers (AFD), the self-regulatory organization for Russia’s OTC FX sector, has approved the schedule of checks of its members for 2020.

Given that there are only four licensed Forex dealers in Russia currently, it is barely surprising that the schedule features only two names – those of FINAM Forex and VTB Forex. The checks of both Forex dealers are planned and will last 60 days each. The check of FINAM Forex is set to be conducted from April 1, 2020 to June 1, 2020. The check of VTB Forex is set to last from September 1, 2020 to October 31, 2020.

FinanceFeeds also examined the schedule for 2019, which shows two checks – one at PSB-Forex and another one at Alfa-Forex. The check of Alfa-Forex is set to begin on December 1, 2019.

Let’s recall that, in September this year, AFD announced the sanctioning of PSB-Forex. The company was reprimanded due to its violation of the Internal Standards of the Association for conducting checks. There was no further comment on the details of the investigation or the transgression.

In December last year, the Central Bank of Russia annulled the licenses of some of the major participants in the Russian retail Forex scene, including Alpari, Forex Club and TeleTrade. In its official announcement back then, the Central Bank explained that the licenses of five companies – Forex Club, Alpari Forex, Trustforex, Fix Trade, and TeleTrade Group, were taken away due to violations of the Russian law by the brokers.

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