Poland’s Financial Supervision Authority (KNF) imposed a 20 million złoty fine on investment broker XTB on Monday, citing compliance issues.
XTB Fined by KNF
The Polish Financial Supervision Authority (KNF) announced on Monday a 20 million złoty fine levied against XTB.
According to the regulator, the firm failed to define its target customer group and provided inaccurate information to current and potential clients.
Risk Assessment Deficiencies
The KNF stated that the penalty stemmed, in part, from XTB’s inadequate assessment of whether clients possessed sufficient knowledge and experience to understand the risks associated with brokerage services and financial instruments.
Inaccurate Client Information
The KNF also pointed to XTB’s failure to define a target group and its provision of “unreliable and misleading” information regarding financial instruments to clients and prospective clients.
About XTB
XTB is an international investment broker offering investment in stocks and ETFs, as well as trading in CFD contracts on currencies, commodities, indices, and cryptocurrencies via its platform. (PAP)
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