The Cyprus Securities and Exchange Commission (CySEC) today announced that it reached a settlement with Cyprus investment firm Freedom Finance Europe Ltd.
The settlement concerns the firm’s potential non-compliance with the Prevention and Suppression of Money Laundering Activities Law of 2007 («Ν.188(Ι)/2007»).
More specifically, the investigation for which the settlement was reached, involved assessing, for the period 2.11.2017-1.1.2019, the Company’s compliance with:
- Article 58(a) of Ν.188(Ι)/2007, regarding the implementation of adequate and appropriate procedures in relation to client’s identification and the exercise of due diligence regarding clients, both before the conclusion of the business relationship with clients as well as during the business relationship with clients.
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Article 58(e) of Ν.188(Ι)/2007, regarding the implementation of adequate and appropriate policies, controls and procedures in relation to the detail 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 pattens of transactions which have no apparent economic or visible lawful purpose.
The settlement is for the amount of €50,000, which the company has already paid.
It is noted that all amounts payable relating to settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of CySEC.
