The Cyprus Securities and Exchange Commission (CySEC) today announced a settlement agreement with Cyprus investment firm (CIF) Fintailor Investments Ltd.
The settlement covers possible violations of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (‘the Law’) and the Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing issued by CySEC (‘the Directive’). The investigation for which the settlement was reached, involved assessing the Company’s compliance, for the period 2016-2019.
More specifically, the settlement reached involved the assessment of the company’s compliance with:
- article 58(a) of the Law regarding the application of adequate and appropriate policies, controls and procedures in relation to customer identification and customer due diligence,
- article 58(e) of the Law regarding the detailed examination of each transaction which by its nature may be considered to be particularly vulnerable to be associated with money laundering offenses or terrorist financing and in particular complex or unusually large transactions and all other unusual patterns of transactions which have no apparent economic or visible lawful purpose,
- paragraph 5(d) of the Directive regarding Board of directors’ responsibilities, and
- paragraph 9(1)(d) of the Directive regarding Compliance officer’s duties.
The settlement reached with the company is for the amount of €200,000. The company has already paid the amount.
It is noted that all amounts payable from settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of CySEC.
According to CySEC’s website, the firm is currently “under examination for voluntary renunciation of the authorisation”.
