Plus500, a UK spread betting company, has been having issues with the Financial Conduct Authority due to its lack of precautionary procedures to combat money laundering. This week the company held its yearly meeting and CEO Gal Haber apologized for the "major failings".
Players have recently been locked out of their accounts while the company ran checks that should have already been in place.
The Financial Conduct Authority required the company to take a look at its internal anti-money laundering procedures back in January, which was completed this month and resulted in a freeze on all UK transactions. Some UK accounts have already cleared checks.
“We assure customers and shareholders that Plus500 has a sustainable business model and is managed and governed by a board committed to transparency and robust compliance,” Haber said.
The industry has pointed out that the company has lost half its worth in just over a week with share now valued at 271.75.
One London analyst said, “The Plus500 statement does not provide key information on customer behaviour once their accounts are unlocked... It is too soon to draw conclusions about revenues going forward.”
sharpe
8 years ago
I'm not very familliar with the trading platforms but I do know that Plus 500 is one of the famous names in the trading business and I'm surprised that they are in such a poor condition. I hope that is just temporary and all of their clients will not loose their funds and will be able to continue to trade at the platform.
I'm not very familliar with the trading platforms but I do know that Plus 500 is one of the famous names in the trading business and I'm surprised that they are in such a poor condition. I hope that is just temporary and all of their clients will not loose their funds and will be able to continue to trade at the platform.
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Alexa Alexa 8 years ago
It is professional and smart to apologize for any kind of inconvenience.Company has achieved a big loss ,so if they want to get back on the road,they will have to change their politics. The fact that players were locked out of their accounts is not something that will help you to work better.
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