The Cyprus Securities and Alternate Fee (CySEC) at this time introduced that it reached a settlement with Cyprus funding agency Freedom Finance Europe Ltd.
The settlement issues the agency’s potential non-compliance with the Prevention and Suppression of Cash Laundering Actions Regulation of 2007 («Ν.188(Ι)/2007»).
Extra particularly, the investigation for which the settlement was reached, concerned assessing, for the interval 2.11.2017-1.1.2019, the Firm’s compliance with:
- Article 58(a) of Ν.188(Ι)/2007, concerning the implementation of satisfactory and applicable procedures in relation to consumer’s identification and the train of due diligence concerning shoppers, each earlier than the conclusion of the enterprise relationship with shoppers in addition to through the enterprise relationship with shoppers.
Article 58(e) of Ν.188(Ι)/2007, concerning the implementation of satisfactory and applicable insurance policies, controls and procedures in relation to the element examination of every transaction which by its nature could also be thought of to be notably weak to be related to cash laundering offences or terrorist financing, and specifically complicated or unusually giant transactions and all different uncommon pattens of transactions which haven’t any obvious financial or seen lawful objective.
The settlement is for the quantity of €50,000, which the corporate has already paid.
It’s famous that every one quantities payable regarding settlement agreements are thought of income (revenue) of the Treasury of the Republic and don’t represent revenue of CySEC.