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.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.