The Cyprus Securities and Exchange Commission (CySEC) this week issued two separate announcements relating to regulatory action and fund liquidation.

In a decision made during its meeting on February 2025, the board of CySEC imposed an administrative fine of €1,250 on Cyprus Investment Firm (CIF) iTrade Global (CY) Ltd.

The company, identified by Legal Entity Identifier (LEI) 213800S1DAWWOXFDGQ42, was found to be in breach of paragraphs 5(d) and 11 of the Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing, officially known as Directive 157/2019.

CySEC noted that the penalty reflects non-compliance with specific provisions aimed at upholding anti-money laundering and counter-terrorism financing standards within the financial sector.

In a separate notice, CySEC announced that Hanseatic Capital Management Ltd, the external manager of WAVENTURES RAIF F.C.I.C. PLC, has initiated a formal procedure for the fund’s dissolution and liquidation.

WAVENTURES is registered as a Registered Alternative Investment Fund (RAIF) under Registration Number RAIF154.

The manager informed CySEC of the dissolution process in accordance with article 138(7)(a) of the Alternative Investment Funds Law of 2018.

CySEC clarified that until the completion of the fund’s liquidation, WAVENTURES RAIF will remain listed in the RAIFs Registry on its website.

The fund will be marked with the status “under liquidation”.

According to article 138(9) of the law, CySEC will remove the RAIF from the register once the dissolution and liquidation procedures have been completed and all required documentation has been submitted.