AMF Combats Financial Scams as 15% of French Population Reports Being Victims

The French financial regulator, AMF, has released its 2023
annual report, highlighting efforts to combat financial scams in the region.
According to the regulator, 15% of the French population, including 35% of those
under 35 years of age, were victims of such scams last year.

Marie-Anne Barbat-Layani, AMF’s Chair, mentioned in the annual report: “2023
was a foundational year for the AMF. One in which it celebrated its 20th
anniversary and defined its strategic guidelines for the 2023-2027 period.”

“Thanks to the rigor and active involvement of its
staff and Board, the AMF is ever more committed to the exercise of its missions
and is fully implicated in building a true European supervisory system, making
Paris an attractive financial center, supporting innovation, sustainable
finance, and protecting investors.”

Through a series of inspections and investigations,
including spot inspections, the AMF addressed suspected regulatory
breaches. Notably, its collaboration with international authorities underscored
the global dimension of its regulatory efforts.

A key focus for the AMF in 2023 was its involvement in
initiatives aimed at revitalizing the Capital Markets Union, alongside efforts
to enhance supervision of major financial players and promote innovation in
areas like crypto assets. Internationally, the AMF played a role in
shaping discussions on financial stability and non-banking financial
intermediation, emphasizing its commitment to global regulatory coherence.

Recognizing the evolving landscape of retail
investing, the AMF embarked on various initiatives to protect investors, from
enhancing fee transparency to addressing the challenges posed by gamification. Recent insights underscored the behavior of new investors,
informing targeted interventions to mitigate risks and combat financial scams.

Fostering Sustainability

Through
guidance and reporting mechanisms, the AMF bolstered support for stakeholders
navigating the transition toward a more sustainable financial ecosystem. In January, the authority expanded its warning list to include
35 new unregulated entities operating in the forex
Forex

Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi

Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Read this Term and cryptocurrency markets.
AMF said the warning list is a crucial tool for
investors to identify and avoid potentially risky investments.