Association of Forex Dealers Adds FinaCom's Peter Tatarnikov to Expert Council

Peter Tatarnikov, chairman of the Financial Commission, has joined the expert council of the Association of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Dealers (AFD) as an independent compliance specialist continues to develop work relationship with Russia-based self-regulatory organizations.

AFD is a non-profit self-regulating organization that has a strong presence in the Russian forex industry and has steadily evolved since it was founded in 2015. Last year, the Bank of Russia included the association in a single register of self-regulating organizations in the financial market, giving the status of a self-regulating organization with respect to the type of activity of forex dealers.

The inclusion of Mr. Tatarnikov into the ranks of the AFD was made last week at a meeting with the board in Moscow. The step will make the dialogue between the industry self regulators more effective and aims to raise the quality of services in the Russian segment of the forex market.

FinaCom is an independent international service that guarantees honest and timely resolution of any disputes with the aim of resolving trader-broker conflicts. The commission’s Dispute Resolution Committee serves as its paramount regulatory body. It is staffed by executives from leading companies in the financial services industry.

According to an official statement: “Matters pertaining to the regulation of Contracts for Difference (CFDs) and Binary Options were discussed, among other industry themes including the deoffshorization of Russian forex market and amendments to the local legislation that could attract new companies (and existing ones back) into Russia, as well as the inclusion of a simplified verification system for Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) and related onboarding requirements.”

Commenting on his new role, Peter Tatarnikov said: “I’m pleased to join AFD’s expert council with the purpose of helping the broader market participants – including our members – by working on common industry challenges that we share. I’d like to thank the AFD for inviting me to join last week’s roundtable discussion in Moscow and look forward to further participation with fellow committee members as we enter 2018.”