Plus500 Ltd: Update re remediation plan
Plus500, a leading online service provider for retail customers to trade CFDs internationally, today announces the following update regarding its remediation plan for customers of Plus500UK.
Remediation plan update
As stated in the AGM Trading Update and Statement on 27 May, remediation actions are now up to full speed to re-approve Plus500UK’s customer accounts, with up to 40 staff working on the project.
As at close of business on Monday, 8 June approximately 23,000 customers had logged into their account since May 18, the date on which Plus500UK froze activity on existing customer accounts and of these 10,147 customers had completed the remedial AML procedures. 8,457 customer accounts have now been fully reviewed by the remediation team and unfrozen, thereby enabling those customers to trade and to deposit and withdraw funds.
While it is too early to anticipate the ongoing behaviour of those customers who are now free to trade, 5,205 have resumed trading (61%) and 457 have cashed out all their funds (5%).
As confirmed in the Company’s statement on 22 May, Plus500UK was required by the FCA under section 166 to appoint, and has appointed, a second Skilled Person who is required to review the steps taken by Plus500UK in regard to its remedial AML procedures for existing clients.
Plus500UK has now commenced communication with inactive customers encouraging them to submit the appropriate documentation so that they are cleared to trade when they next wish to.
Plus500UK continues to work with compliance consultants on agreeing on the required procedures to enable the onboarding of new clients.
Gal Haber, Chief Executive, commented:
“We have made progress in reapproving customer accounts during the last week and as a result expect a majority of clients who have completed the remedial AML procedures to be unfrozen within the previously expressed timeline. This will be followed by contacting inactive customers.”
Source: Plus500
