PLUGIT Enhances KYC with Sumsub Integration
PLUGIT has successfully integrated its YOONIT suite with Sumsub, a Know Your Customer (KYC) verification platform. This integration simplifies the KYC process for brokers using PLUGIT's technology. It ensures compliance with global regulatory requirements, the company said.
Sumsub specializes in user verification, anti-fraud measures, and Anti-Money Laundering compliance. The collaboration between the two firms aims to streamline client onboarding for forex brokers while maintaining a focus on compliance.
VT Markets Expands Analyst Team with Styliana Charalambous
VT Markets, an acclaimed online broker, has announced the appointment of Styliana Charalambous as a Market Analyst for the EMEA region. Charalambous is an ACCA-qualified accountant with a diverse skill set acquired from her previous roles, including an Audit Supervisor at KPMG and Head of Investment and Market Research at a multinational fintech firm.
"I look forward to not only sharing analyses but also enabling clients to make forward-thinking, proactive decisions amidst the ever-evolving world of trading," said Charalambous.
With over nine years of experience in finance, she is expected to revamp VT Markets' analytical approach and offer in-depth market reports and insights. Her appointment is a strategic move for VT Markets as they focus on expanding their services and maintaining excellence in the highly competitive EMEA markets.
eToro Implements Stamp Duty Reserve Tax on UK Stock Purchases
The online brokerage eToro has made a significant policy change that affects how clients interact with UK-listed stocks. As of 6 November, eToro will pass on the cost of the UK government's Stamp Duty Reserve Tax (SDRT) to its clients when they open new positions in UK stocks.
The SDRT, set at 0.5% of the stock purchase value, is a mandatory tax for all electronic purchases of UK stocks, regardless of the buyer's country of origin.
“You will see the estimated stamp duty charge once you open any real positions on stocks listed on the London Stock Exchange (LSE), at the bottom of the ‘Open Trade’ screen. The tax is subject to conversion fees as all UK stocks are denominated in GBP and the eToro platform operates in USD,” eToro explained.
CFTC Files Fraud Charges against Illinois Forex Operator
The CFTC has filed a complaint against Coby Young and Young Emerging Strategies LLC, alleging fraudulent activity in retail forex trading . The complaint accuses the defendants of misappropriating funds, committing registration and disclosure violations, and commingling client funds.
Originating from solicitation of individuals for forex trading classes, the defendants allegedly promised to double investments and received around $300,000 from participants. The majority of these funds were not used for trading but for personal expenses. The CFTC seeks restitution, penalties, and bans for the defendants.
ASIC Launches Legal Action against Telstra Super over Dispute Handling
The Australian Securities and Investments Commission (ASIC) has initiated civil penalty proceedings against Telstra Super for failing to adhere to internal dispute resolution requirements. This unprecedented action follows allegations that Telstra Super did not respond adequately to a significant portion of complainant disputes within the mandated 45-day period.
“ASIC expects the financial services industry to have effective dispute resolution procedures in place, and, importantly, to have the systems and resourcing to ensure they are being put into practice,” Sarah Court, the Deputy Chairwoman of ASIC, mentioned. “Financial service providers need to prioritize dispute resolution procedures to properly protect consumers.”
ASIC emphasized the importance of effective dispute resolution systems within the financial services industry, indicating that Telstra Super's failure to comply with the requirements may have resulted in operational inefficiencies and unfair practices.
FCA Issues Alert on Cryptotrades
The UK's Financial Conduct Authority (FCA) has warned about Cryptotrades, a firm offering financial services without authorization. The FCA's advisory information, dated 6 November 2023, urges the public to exercise caution and avoid engaging with this entity to prevent falling victim to potential scams.
Cryptotrades, which lists a London address and operates through the website cyptotrades.com is not sanctioned by the FCA, and thus, clients would lack protection from the Financial Ombudsman Service and the Financial Services Compensation Scheme, leaving them exposed to significant risks, including the loss of their funds. The FCA recommends checking its Warning List for other unauthorized firms.
Bybit's Pinnacle in Crypto Exchange Rankings
The United Arab Emirates-based crypto exchange Bybit has been awarded an “AA” rating by CCData in its Crypto Exchange Benchmark Report, positioning it at the forefront of the industry. Bybit, now the world’s third most frequented crypto exchange, earned this prestigious grade for its performance in both spot and derivatives trading.
The rating reflects Bybit's commitment to security and regulatory compliance, affirmed by the CEO, Ben Zhou. The exchange has excelled in meeting the elevated standards of the evolving market and regulatory environment, signifying an overall industry uptrend as noted by the report's findings.
Leadership Transition at ClearBank
ClearBank, a key player in real-time clearing and banking services, has introduced Shonaid Jemmett-Page as the new Chair of its UK Board, subject to a regulatory green light. She succeeds David Gagie, who has been pivotal to the company's growth since 2018. Jemmett-Page, with a robust background in financial services and business leadership, is expected to propel ClearBank forward, leveraging her extensive experience.
The transition comes with accolades for both the outgoing and incoming chairs, as they express mutual respect and confidence in the bank's continuous success.
Jifiti Receives EMI License, Enhancing Payment Solutions in Europe
Jifiti, a white-labeled embedded lending pioneer, has been granted an Electronic Money Institution (EMI) license in Europe. This approval by the Swedish regulatory body has enabled Jifiti to offer comprehensive payment solutions to its bank, lender, and merchant customers throughout Europe.
With this license, Jifiti is poised to bolster its services, affirming its commitment to providing advanced payment options and enhancing the financial technology landscape.
"Our mission at Jifiti is to provide consumers and businesses with access to responsible, affordable financing options from regulated financial entities. Becoming a licensed e-money issuer takes our company to the next level in its growth trajectory and enables us to bring even more value to our customers and partners," commented Yaacov Martin, the CEO of the Jifiti Group.
