The Bank of Russia published a list, 1st June 2021, of over 1,800 organisations and internet projects, where they have “identified signs of a financial pyramid, an illegal creditor or a professional securities market participant”.
Bank of Russia publishes list of companies with signs of illegal activity | Bank of Russia (cbr.ru)
The Bank has adopted an aggressive stance, to “offshore” financial service organisations operating within Russia without their authorisation.
The list that the bank have published includes a number of prominent international CFD firms, who have appear on the Banks database. The list gives the name, the nature of illegal activity, their website address and other additional information.
It is a clear warning sign that the authorities are adopting a hostile stance to any such illegal activity.
This is not the first time the Bank has taken action against firms, particularly CFD firms, but whilst the list they have provided is a Russian “wall of shame” it will likely draw attention to firms activities in other regions too.
Other regulators, such as the US, Belgian, Canadian, French, Japanese and Polish for example, have adopted a similar stance to unauthorised CFD firms operating in their jurisdiction.
Complyport has been assisting CFD firms come to the UK and set up in global jurisdictions for 20 years. From successfully assisting in over 1,000 applications, we know what is required by the FCA as well as other jurisdictions such as the EU, Australia, New Zealand, South Africa, and Dubai (DIFC) among others. As we are experts in CFDs and their regulation, to avoid the pitfalls and enforcement action, talk with us now to see how we can help navigate international regulations.
