Бкс Форекс Api

бкс форекс api

AML Regulations in St. Vincent and the Grenadines: the New Rules for Forex Brokers

Until January 6th , FX trading brokerage activities were not subject to licensing in St. Vincent and the Grenadines (SVG). Therefore all SVG-registered Business Companies (BCs) or LLCs were able to engage in forex (FX).

However, due to a sharp increase in complaints over FX scams, as well as fraud against SVG-registered BCs and LLCs engaged in FX, SVG has taken a stricter regulatory course to protect its reputation as an international financial center.

According to SVG’s Memorandum on Requirements for BCs and LLCs Engaging in FOREX Business Activity:

Companies wishing to engage in FX in SVG now must provide a certified copy of their license；
Companies already engaging in FX in SVG will be granted a transitional period until March 10, to provide the FSA with a certified copy of their license

The deadline to obtain a license is March 10, According to the FSA, “Failure to adhere to these requirements will result in the application of sanctions against the companies in accordance with the Financial Services Authority Act”.

So, what should current and future SVG-registered FX brokers do to comply? Let’s dive into SVG’s AML laws and incoming FX regulations.

Who is affected?

The following sectors must comply with SVG’s existing AML regulations:

The new licensing requirements for FX companies affect Business Companies (BCs) and Limited Liability Companies (LLCs) engaging in FX business activity.

What are the main regulations?

The full list of the AML regulations can be found on the FIU website.

Who is the main regulator?

The key AML regulators in SVG are:

The Financial Services Authority (FSA), which is responsible for “ensuring compliance with the FSA Act and other specified enactments, regulations or guidelines. It is also responsible for ensuring that each licensed financial entity is properly managed and remains financially sound. The FSA, therefore, has the powers to intervene in the affairs of a regulated entity to protect customers.” (the FSA)

The Financial Intelligence Unit is a supervisory authority for designated non-financial businesses and professions (DNFBPs) and is responsible for:

“receipt and analysis of suspicious transaction reports that must be made under the Proceeds of Crime Act, and the Anti-Terrorist Financing and Proliferation Act,
investigation of relevant offenses
dissemination of information to Competent Authorities
international cooperation
awareness raising and education
supervision of Non-Regulated Service Providers (NRSPs) (otherwise known as Designated Non-Financial Businesses and Professions (DNFBPs)” (Source).

How to stay compliant

Existing AML regulations in SVG

SVG is part of the Caribbean Financial Action Task Force, one of the FATF’s regional groups, and has therefore adopted the FATF risk-based approach.

As part of this risk-based framework, the FSA demands that companies regulated under the FSA Act conduct the following procedures:

Customer Due Diligence (CDD)—verifying the identity of a customer on a risk-sensitive basis. The CDD process includes collecting information on both on the identity of the customer and business relationships, such as source of funds, which should be kept for auditing purposes
Transaction monitoring
PEP screening
Reporting of suspicious activities

The full list of requirements can be found in the SVG Anti-Money Laundering and Terrorist Financing Code.

New regulations for FX companies

FX companies seeking to operate in SVG must show evidence of their approved license from other jurisdictions and authorities when they submit an application to the FSA.

Companies already providing FX trading, or brokerage services in SVG are given a transitional period until March 10, to either obtain an SVG license or present an approved license from another jurisdiction. This can be presented to the FSA with no filing fees.

Fines and penalties

According to SVG’s existing AML regulations, a person who commits the crime of money laundering can face:

on summary conviction, imprisonment for five years or a fine of $, or both
on conviction on indictment, imprisonment for twenty years or an unlimited fine or both

A person who fails to disclose knowledge or suspicion, or report a suspicious transaction, faces:

on summary conviction, imprisonment for three years or a fine of $, or both
on conviction on indictment, imprisonment for ten years or an unlimited fine or both

Non-compliance with the new licensing requirements for FX businesses:

According to the FSA’s memorandum: “Failure to adhere to these requirements will result in the application of sanctions against the companies in accordance with the Financial Services Authority Act”.

According to the Q&A published by the FSA on January 12, , the applicable sanctions are:

1) cancellation of a company pursuant to Section 37 (1) of the FSA Act

&#;Section 37 (1) FSA Act provides that the license of a registered entity may be canceled by the Authority after consultation with the minister where in the Authority’s opinion –

(a) a financial entity or registered entity is not maintaining high standards of financial probity or following sound business practices&#;

and/ or

2) being struck off the Register pursuant to Section (1)(a)(ii) of the International Business Companies (Amendment) Act

&#;Section (1)(a)(ii) of the IBC (Amendment) Act provides that

(1) The Registrar may strike a business company off the Register if-

(a) the company

(ii) fails to file any return, notice or document required to be filed under this Act or the Regulations.&#;

What’s next for FX businesses in St. Vincent and the Grenadines?

Companies that already have a FX license must provide the FSA with a certified copy of a license obtained in the jurisdiction in which their activities occur upon the submission of the application to be incorporated or formed in SVG.
Companies that do not have a FX license must obtain an adequate license in order to be incorporated or formed in the SVG, prior to applying for SVG incorporation/formation.
Companies that already have a FX license are obliged to provide the FSA with a certified copy by March 10,
Companies that do not have a FX license may only need to provide the FSA with a certified copy of the license obtained in the jurisdiction in which their activities occur.

It’s also important to note that the FSA offers a deadline extension:

&#;Extensions may be granted to a company upon the submission of an application to the FSA prior to the deadline stipulated in the notice. Extensions will be granted on a case-by-case basis.&#;

What’s next for companies that can’t comply with SVG’s requirements?

AML compliance experts agree that the FSA’s decision may present a challenge for small unlicensed FX companies seeking to obtain a license before March 10th.

A solution would be to apply to the FSA for a deadline extension. It’s also possible to obtain a license or document stating that licensing is not required from an approved jurisdiction:

“If no license is required in a specific jurisdiction in which FOREX Activity is being undertaken, a letter issued by the regulatory/competent authority in the relevant jurisdiction can be furnished to the FSA. This letter must indicate that a license is not required by the named entity to engage in such activity in the jurisdiction.”

As an option, some FX companies have considered relocating their business to Seychelles, Mauritius, Vanuatu or another jurisdiction which does not require FX businesses to be licensed.

RECOMMENDED: Please try these brokers:

TD Ameritrade

License: FINRA

Bittrex

License: Not Regulated

Prestige Financial Markets

License: PIPSEC, Vanuatu FSC

BitMex

License: Not Regulated

BCS Forex Review

Excellent selection of trading platform
Wide array of tradeable products
Low commissions and fees

Shady past
Poor customer support
Not licensed or regulated
Located offshore

BCS Forex is an online trading brokerage that offers traders more than financial instruments to trade across the global markets. The broker is very well established as they were founded in and have been providing reliable trading services every since. BCS Forex’s core values are to maintain a high degree of reliability and responsibility to their clients success as well as to provide advanced technological trading solutions and a positive long term relationship with their clients. BCS Forex is owned and operated by BCS Forex Ltd., which is a company registered and based out of Saint Vincent and the Grenadines. BCS Forex is not a licensed or regulated online trading brokerage and is therefore deemed less trustworthy compared to much of the competition who are regulated. However, just because they are not regulated, does not mean they can be trusted. To find out if BCS Forex is a trusted and reliable online trading brokerage, follow along in our in-depth review below and discover all aspects that make up BCS Forex and decide for yourself if they can be trusted and if they are the right online trading brokerage for you.

Trading Platform

BCS Forex features not one, but two highly sophisticated and advanced trading platforms that are world renowned and loved by traders everywhere, the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. These two platforms accommodate the needs of all types of traders and experience levels and are basically the same. However, the MT5 trading platform is better and more suitable for trading a wide variety of financial assets, while the MT4 trading platform is better suited to trading primarily forex currency pairs. Both trading platforms feature a highly advanced charting package that comes complete with numerous built-in technical indicators, drawing and analysis tools, chart types, and time frames. As well, traders can trade directly from the charts with one-click trading for a fast and seamless trading experience. Another unique feature to the MetaTrader platforms is the ability to conduct automated trading thanks to the platforms unique MQL4 and MQL5 programming languages that allow for the implementation of Expert Advisors (EAs) that facilitate automated algorithmic trading. All in all, these two trading platforms are some of the best trading platforms a trader or investor can use for participating in the financial markets. Also, both the MT4 and MT5 trading platforms are fully optimized for use on the iOS and Android mobile devices and can be downloaded for free from the Apple App Store and the Google Play Store.

Exchange Markets

BCS Forex offers their clients access to the most liquid and lucrative financial markets that include tradeable instruments such as currencies, raw materials, and Russian and foreign stock assets. In total, traders can trade and invest in over financial instruments. While this is a substantial number of assets, the primary asset class traded at BCS Forex is forex (foreign exchange market). Traders have access to numerous forex currency pairs including majors, minors and exotics. As well, the second most traded asset class at BCS Forex are stocks that include companies listed on various world class exchanges such as; the USA (NYSE/NASDAQ), USA (GLOBEX), Germany (FSE), France (EURONEXT), Japan (TSE), and Great Britain (LSE Int.) All in all, the extent of tradeable financial assets offered by BCS Forex is more than sufficient.

Fees and Commission

The fees and commissions imposed on traders at BCS Forex vary between tradeable assets and are dependent on the type of trading account the trader uses. Overall, the fees and commissions are very reasonable and even competitive with the industry standards. See below, a quick overview of the fees associated with the different trading accounts.

Global Account

Low variable spreads from 1 pip
Zero commissions

NDD Account

Low variable spreads from pips
Forex commissions of %

Pro Account

Low fixed spreads of 1 pip
Zero commissions

Direct Account

Low variable spreads from pips
Zero commissions

Security and Fairness

The BCS Forex online trading brokerage has been in operation since , however, it hasn’t always been a smooth operation. BCS Forex was once based out of Estonia and claimed to be licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). However, this was not the case and the brokerage received a lot of complaints and trouble because of this, which led them to relocate to Saint Vincent and the Grenadines. To this day, BCS Forex remains to be licensed or regulated by any reputable regulatory authorities and therefore, we are very skeptical about the quality of their services.

Support

BCS Forex claims to be a viable online trading brokerage with a great deal of commitment to their customers success, but we don’t see how this statement could be true. Customer support representatives can only be reached via telephone 5 days a week from to GMT. We found it shocking that the brokerage does not even list a contact email. The brokerage does however, have a rather extensive FAQ page where their customers can refer to for most answers to their questions.

Conclusion

Overall, the BCS Forex trading brokerage is of questionable quality with a somewhat shady history. The brokerage does feature two highly sophisticate trading platforms, offers a wide array of tradeable products, and has low commissions and fees. However, the brokerages customer service is terrible, and we feel as though they cannot be trusted due to their past and for the fact that they are not licensed or regulated. All in all, we advise traders to proceed with extreme caution if trading and investing with this broker.

BCS Forex Q&A

The following are the common questions that customers inquired about BCS Forex.

Is BCS Forex regulated?

No, it is not regulated.

Is BCS Forex a scam?

Not sure, BCS Forex does have a questionable past.

Where is BCS Forex based?

BCS Forex is based in Saint Vincent and the Grenadines, but has no physical address listed.

Screenshot

Details

Broker Type
Markets
Currencies
Languages
Regulator
Minimum Deposit
Account Options
Access to Forex News , Algo Trading , API Solutions , Commission , Demo , EAs - Expert Advisors , Hedging , Leverage , Market Alerts , Mobile Trading , One-click Execution , Scalping , Stop Loss , Technical Analysis , Trailing Stops , Web Based Trading
Accepted Countries
Afghanistan , Albania , Algeria , American Samoa , Andorra , Angola , Anguilla , Antigua & Barbuda , Argentina , Armenia , Aruba , Austria , Bahamas, The , Bahrain , Bangladesh , Barbados , Belarus , Belgium , Belize , Benin , Bermuda , Bhutan , Bolivia , Bosnia & Herzegovina , Botswana , British Virgin Is. , Brunei , Bulgaria , Burkina Faso , Cambodia , Cameroon , Cape Verde , Cayman Islands , Central African Rep. , Chad , Chile , China , Colombia , Comoros , Congo, Dem. Rep. , Congo, Repub. of the , Cook Islands , Costa Rica , Côte d'Ivoire , Croatia , Cyprus , Czech Republic , Denmark , Djibouti , Dominica , Dominican Republic , East Timor (Timor-Leste) , Ecuador , Egypt , El Salvador , Equatorial Guinea , Eritrea , Estonia , Ethiopia , Faroe Islands , Fiji , Finland , France , French Guiana , French Polynesia , Gabon , Gambia, The , Gaza Strip , Georgia , Germany , Ghana , Gibraltar , Greece , Greenland , Grenada , Guadeloupe , Guam , Guatemala , Guernsey , Guinea , Guinea-Bissau , Guyana , Haiti , Honduras , Hong Kong , Hungary , Iceland , India , Indonesia , Ireland , Isle of Man , Israel , Italy , Jamaica , Japan , Jersey , Jordan , Kazakhstan , Kenya , Kiribati , Korea, South , Kuwait , Kyrgyzstan , Laos , Latvia , Lebanon , Lesotho , Liberia , Libya , Liechtenstein , Lithuania , Luxembourg , Macau , Macedonia , Madagascar , Malawi , Malaysia , Maldives , Mali , Malta , Marshall Islands , Martinique , Mauritania , Mauritius , Mayotte , Mexico , Micronesia, Fed. St. , Moldova , Monaco , Mongolia , Montenegro , Montserrat , Morocco , Mozambique , Myanmar (Burma) , N. Mariana Islands , Namibia , Nauru , Nepal , Netherlands , Netherlands Antilles , New Caledonia , New Zealand , Nicaragua , Niger , Nigeria , Norway , Oman , Pakistan , Palau , Panama , Papua New Guinea , Paraguay , Peru , Philippines , Poland , Portugal , Puerto Rico , Qatar , Romania , Russia , Rwanda , Saint Helena , Saint Kitts & Nevis , Saint Lucia , Saint Vincent and the Grenadines , Samoa , San Marino , Sao Tome & Principe , Saudi Arabia , Senegal , Serbia , Seychelles , Sierra Leone , Singapore , Slovakia , Slovenia , Solomon Islands , Somalia , South Africa , South Sudan , Spain , Sri Lanka , St Pierre & Miquelon , Sudan , Suriname , Swaziland , Sweden , Switzerland , Syria , Taiwan , Tajikistan , Tanzania , Thailand , Togo , Tonga , Trinidad & Tobago , Tunisia , Turkey , Turkmenistan , Turks & Caicos Is , Tuvalu , Uganda , Ukraine , United Arab Emirates , United Kingdom , Uruguay , Uzbekistan , Vanuatu , Venezuela , Vietnam , Virgin Islands , Wallis and Futuna , West Bank , Western Sahara , Yemen , Zambia , Zimbabwe
Owner
Established

Trading Charts

see all

nest...

16315 16316 16317 16318 16319