CySEC reaches €200,000 settlement with Cyprus firm

The Cyprus Securities and Exchange Commission (CySEC) has announced that it has reached a settlement agreement, worth a total of €200,000, with Fintailor Investments Ltd, a Cyprus Investment Firm (CIF).

The commission clarified that the settlement, made under Article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, pertains to possible violations of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as well as the Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing issued by CySEC.

The investigation leading to the settlement focused on assessing Fintailor Investments Ltd’s compliance for the period of 2016-2019.

Moreover, the settlement involves the company’s adherence to specific provisions, including Article 58(a) and Article 58(e) of the Law, as well as paragraphs 5(d) and 9(1)(d) of the Directive.

Article 58(a) of the law relates to “ensuring the application of adequate and appropriate policies, controls, and procedures related to customer identification and customer due diligence”.

In addition, Article 58(e) relates to conducting “a detailed examination of each transaction which by its nature may be considered to be particularly vulnerable to be associated with money laundering offences 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”.

The settlement, totalling €200,000, has already been paid by Fintailor Investments Ltd.

Finally, the commission explained that any amounts payable from settlement agreements are considered revenue of the Treasury of the Republic of Cyprus and do not constitute income for CySEC.