RBS Under FCA Investigation over Money Laundering Scheme

#43
The Guardian reported earlier this year on a Russian money laundering scheme dubbed “the Laundromat”.

The Financial Conduct Authority (FCA) is investigating the role of Royal Bank of Scotland (RBS) in the alleged processing of hundreds of millions of pounds for a Russian money laundering scheme, the lender said today in an official statement.

“On 21 July 2017 the FCA notified RBS that it is undertaking an investigation into RBS PLC’s compliance with the Money Laundering Regulations 2007 in relation to certain customers. RBS is cooperating with the investigation,” the bank disclosed Friday.

RBS noted in its announcement that the case involves a number of established companies in the U.K. and the U.S. and that the City authorities will investigate the alleged involvement of British banks into passing huge sums of Russian money which was laundered through their systems.

“Allegedly certain European banks, including RBS and 16 other U.K.-based financial institutions and certain U.S. banks, were involved in processing certain transactions associated with this scheme. In common with other banks RBS is responding to requests for information from the FCA, Prudential Regulation Authority and regulators in other jurisdictions,” RBS said.

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Polish Watchdog KNF Warns Against Forex Broker MIB700.com

#44
The public has been advised to abstain from any business or transactions with these providers.

Poland’s financial regulatory body, the Polish Financial Supervision Authority (KNF), on Tuesday issued a public warning against MIB700.com, a Vanuatu-based provider of FX and CFDs products, stating that the firm is not authorized to provide investment services or activities in the country.

The newest addition to the blacklist operates through www.mib700.com and claims an address at 43 Franklin St, Belfast BT2, UK. The company is administered by Blue Seal Limited which claims to be based in the Republic of Vanuatu.

The KNF cautions the public that the aforementioned firm targets Polish customers and since it has no right to do so, the KNF has added this company to its list of unauthorized investment firms.

The public has thus been advised to abstain from any business or transactions with any unregulated providers and to be aware of the increased risk caused by the lack of authorisation required to provide financial services in Poland and the European Union.

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Belize’s IFSC Warns Against TrineMarkets over False Regulatory Claims

#45
TRINEMARKETS is not registered nor licensed by the regulator of Belize to engage in trading business.

Belize’s financial watchdog (IFSC) ‎today warned investors that Trine Markets Group Ltd, which operates under the trading name TrineMarkets, is falsely claiming to hold International Business Company registration in Belize while not actually licensed by the commission ‎or any other competent authority in the country.

According to the Belizean watchdog, ‎‎all persons concerned should exercise extreme caution and take note, as the ‎‎aforementioned entity is fraudulently claiming to hold a trading licence in financial and commodity-based derivative instruments and other securities.‎

It is not yet clear how many clients may have been affected by the firm. This is therefore a warning sign of other potentially fabricated aspects of its business with regard to credibility.

A brief review of the TrineMarkets website reveals that the broker offers its clients several trading products including forex and CFDs, as well as stock indices and commodities.

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Re: Brokers regulation ...

#46
“the Laundromat” is already old story I thought they forgot it. It took place back in 2014. As far as I remember there was information that there was billions moved from Russia into 112 bank accounts that comprised the system in eastern Europe, then into banks around the world. Therefore they should investigate all banks related to it not only RBS, but it is still a good start :)

Re: Brokers regulation ...

#48
AJF Financial Services, the owner of binary options brokerages TradeFinancial, OndaTrade, DirektBroker24 and AlphaInvestment has renounced its Cyprus license, said the Cyprus Securities and Exchange Commission (CySEC).

According to the regulator’s announcement, the license has lapsed from September 21, 2017. The company has three months from this date to settle its obligations arising from the investment services that lapsed.

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