Russia’s Forex self-regulatory body reprimands PSB-Forex

Maria Nikolova

The self-regulatory organization has found that the Forex dealer violated the Internal Standards for conducting checks.

The Association of Forex Dealers (AFD), the self-regulatory organization for Russia’s OTC FX sector, has earlier today announced the sanctioning of one of its members – PSB-Forex.

A brief notice on the Association’s website says that the Disciplinary Committee of AFD had a meeting on September 6, 2019. At the meeting, the Committee announced reprimand in relation to the Forex dealer.

The reprimand is due to PSB-Forex’s violation of the Internal Standards for conducting checks, the Association said. There was no further comment on the details of the investigation or the transgression.

PSB-Forex is one of the handful of firms that have Forex dealer licenses in Russia. In December last year, the Central Bank of Russia took away the licenses of some of the major players 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 annulled due to violations of the Russian law by the brokers.

The Central Bank of Russia granted Forex dealer license to PSB-Forex, a Promsvyazbank company, back in April 2017. The move was seen to strengthen the presence of Russian banks in the FX market.

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