Financial regulator Australian Securities and Investments Commission (ASIC) starts its crackdown on unregulated brokers. Posted on the authority's website is an official warning about three illegally operating companies: a Clone
Clone
A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for greater transparency, registers, and authorization, fraudsters have resorted to clone attempts to try to dupe investors.Fraudsters are constantly looking for new ways to scam consumers, but one technique that has been increasingly reported to regulators has been clones.This is a particular issue in the United Kingdom, with the Financial Conduct Authority (FCA) taking measures to crack down on clone firms.These scammers typically cold-call investors to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced, or even non-existent.How Do Clone Scams Work?In most jurisdictions, firms need to be authorized to sell, promote, or advise on the sale of shares and other investments.Some fraudsters simply claim to represent these authorized firms, or even try to change firms’ contact details on registers to look authentic.The scammers will then give their own phone number, address, and website details to possible victims.Most commonly, scammers claim to be from overseas firms that appear on the registers as these firms do not always have their full contact and website details listed.These entities may even copy the website of an authorized firm, making small tweaks or changes such as to the phone number listed.
A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for greater transparency, registers, and authorization, fraudsters have resorted to clone attempts to try to dupe investors.Fraudsters are constantly looking for new ways to scam consumers, but one technique that has been increasingly reported to regulators has been clones.This is a particular issue in the United Kingdom, with the Financial Conduct Authority (FCA) taking measures to crack down on clone firms.These scammers typically cold-call investors to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced, or even non-existent.How Do Clone Scams Work?In most jurisdictions, firms need to be authorized to sell, promote, or advise on the sale of shares and other investments.Some fraudsters simply claim to represent these authorized firms, or even try to change firms’ contact details on registers to look authentic.The scammers will then give their own phone number, address, and website details to possible victims.Most commonly, scammers claim to be from overseas firms that appear on the registers as these firms do not always have their full contact and website details listed.These entities may even copy the website of an authorized firm, making small tweaks or changes such as to the phone number listed.
Read this Term of AGM Markets, OT Markets, and Ozifin.
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These firms' activities in Australian territory have been unsanctioned by authorities. After several consumers raised red flags, the financial services Regulation
Regulation
Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges.
Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges.
Read this Term authority launched an investigation, which resulted in a court order that puts restrictions on these firms operations in Australia.
The Federal Court issued orders that restrain the entities from removing their assets from Australia and bar them from disposing of their property.Their assets are now frozen in two specified bank accounts.
The ASIC crackdown also includes two unnamed individuals. They are involved with the clone of AGM Markets and OT Markets and are barred from leaving Australia without the Federal Court's consent.
Aggressive Sales Operations
Aside from the clone of AGM Markets, the other entities mentioned by the ASIC have been operating the OT Capital brands (otcapital.com, otcapital.net.au, and otcapital.info) and tradefinancial.com.au.
ASIC concerns revolve around these entities offering personal advice to retail investors. Without licenses from the AFSL, the clone company is damaging the officially licensed one, AGM Markets. The fraudulent entities are seen as engaging in misleading and deceptive conduct.
As a result of this conduct the ASIC issues a warning to potential investors. The regulator sought the injunctions to protect investor funds while an on-going ASIC investigation continues.
The regulator urges these firms' clients to report information to ASIC on the clone of AGM Markets, OT Markets and/or Ozifin, on 1300 300 630 or go to www.asic.gov.au/complain.
Financial regulator Australian Securities and Investments Commission (ASIC) starts its crackdown on unregulated brokers. Posted on the authority's website is an official warning about three illegally operating companies: a Clone
Clone
A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for greater transparency, registers, and authorization, fraudsters have resorted to clone attempts to try to dupe investors.Fraudsters are constantly looking for new ways to scam consumers, but one technique that has been increasingly reported to regulators has been clones.This is a particular issue in the United Kingdom, with the Financial Conduct Authority (FCA) taking measures to crack down on clone firms.These scammers typically cold-call investors to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced, or even non-existent.How Do Clone Scams Work?In most jurisdictions, firms need to be authorized to sell, promote, or advise on the sale of shares and other investments.Some fraudsters simply claim to represent these authorized firms, or even try to change firms’ contact details on registers to look authentic.The scammers will then give their own phone number, address, and website details to possible victims.Most commonly, scammers claim to be from overseas firms that appear on the registers as these firms do not always have their full contact and website details listed.These entities may even copy the website of an authorized firm, making small tweaks or changes such as to the phone number listed.
A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for greater transparency, registers, and authorization, fraudsters have resorted to clone attempts to try to dupe investors.Fraudsters are constantly looking for new ways to scam consumers, but one technique that has been increasingly reported to regulators has been clones.This is a particular issue in the United Kingdom, with the Financial Conduct Authority (FCA) taking measures to crack down on clone firms.These scammers typically cold-call investors to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced, or even non-existent.How Do Clone Scams Work?In most jurisdictions, firms need to be authorized to sell, promote, or advise on the sale of shares and other investments.Some fraudsters simply claim to represent these authorized firms, or even try to change firms’ contact details on registers to look authentic.The scammers will then give their own phone number, address, and website details to possible victims.Most commonly, scammers claim to be from overseas firms that appear on the registers as these firms do not always have their full contact and website details listed.These entities may even copy the website of an authorized firm, making small tweaks or changes such as to the phone number listed.
Read this Term of AGM Markets, OT Markets, and Ozifin.
Discover credible partners and premium clients at China’s leading finance event!
[gptAdvertisement]
These firms' activities in Australian territory have been unsanctioned by authorities. After several consumers raised red flags, the financial services Regulation
Regulation
Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges.
Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges.
Read this Term authority launched an investigation, which resulted in a court order that puts restrictions on these firms operations in Australia.
The Federal Court issued orders that restrain the entities from removing their assets from Australia and bar them from disposing of their property.Their assets are now frozen in two specified bank accounts.
The ASIC crackdown also includes two unnamed individuals. They are involved with the clone of AGM Markets and OT Markets and are barred from leaving Australia without the Federal Court's consent.
Aggressive Sales Operations
Aside from the clone of AGM Markets, the other entities mentioned by the ASIC have been operating the OT Capital brands (otcapital.com, otcapital.net.au, and otcapital.info) and tradefinancial.com.au.
ASIC concerns revolve around these entities offering personal advice to retail investors. Without licenses from the AFSL, the clone company is damaging the officially licensed one, AGM Markets. The fraudulent entities are seen as engaging in misleading and deceptive conduct.
As a result of this conduct the ASIC issues a warning to potential investors. The regulator sought the injunctions to protect investor funds while an on-going ASIC investigation continues.
The regulator urges these firms' clients to report information to ASIC on the clone of AGM Markets, OT Markets and/or Ozifin, on 1300 300 630 or go to www.asic.gov.au/complain.
