The Securities and Exchange Commission (CySEC) has fined five financial firms a total of €1.3m for various violations including failure to maintain organised activity records.
Included in the infringements were failure to keep proper activity records, inadequate procedures in handling complaints, lack of measures to avoid unjustified operational risks, providing certain services without having the proper licence, and failure to provide clients with suitable and comprehensive information.
The offenders, according to CySEC, were Reliantco Investments, slapped with a €123,000, fine, WGM Services Ltd, €340,000, Depaho Ltd, €233,000, and Pegase Capital Ltd, €300,000.
CySEC also announced that it had agreed to a €335,000 settlement with IronFX Global, which was suspected of violating the investment services law.
Settlement amounts go to the consolidated fund of the Republic and do not constitute CySEC revenues.
The five offenders were also told to put measures in place to improve their internal procedures and practices thus fully complying with their legal requirements.
Irrespective of the fine or settlement, firms must take measures within two months ahead of fresh compliance audits.