The Dutch regulator fines online turbo provider for not complying with EU product governance requirements.
The Authority for the Financial Markets (AFM) imposed an administrative fine of €530,000 on BinckBank, an online broker that currently trades under the name Saxo Bank. The fine was imposed on 1 June 2023, because between December 2019 to December 2021, BinckBank did not have procedures and measures in place to ensure that clients only invested in financial products appropriate for the target market to which they belonged. In 2021, [BinckBank] generated approximately €159 million in
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