The Estonian Financial Supervision Authority has issued a misdemeanour order and imposed a monetary fine of €20,000 on Admiral Markets AS, operator of forex and CFDs broker brand Admirals. The reason for these actions is errors in mandatory regulatory reporting of transactions.
The broker announced that it has already taken action to comply with the reporting obligations of the Estonian regulator.
Admiral Markets noted that it started to correct the errors in question immediately after they were detected. However, this could not help given the stipulated time frame for transaction reporting, leading to late reporting.
Many companies in the retail industry use the services of third-party firm for these reporting tasks. Admiral Markets AS also uses assistance of qualified and professional service providers for reporting.
Admiral Markets stated:
The company has made every effort to properly comply with its reporting obligations and to correct any errors identified in cooperation with the service provider.
Admiral Markets AS has made a significant contribution to improving the quality of reporting by attracting additional people and investing money.
Additionally, the broker also revealed that it has made the decision to change its reporting services provider.
