CySEC Fines Fintailor Investments €200,000

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The Cyprus Securities and Exchange Commission
(CySEC) has reached a settlement of an amount worth €200,000 with Fintailor
Investments Ltd. According to the regulator, this settlement relates to
potential breaches of the regulations related to the prevention of money
laundering by the firm.

CySEC’s investigation into Fintailor Investments,
spanning the period 2016-2019, primarily focused on the company’s adherence to
anti-money laundering and counter-terrorist financing regulations.

The settlement pertained to various aspects,
including the application of adequate customer identification procedures,
examination of transactions susceptible to money laundering , and compliance
with the responsibilities of the Board of Directors and the compliance officer.

Source: CySEC

The settlement reached between the CySEC and
Fintailor Investments amounted to €200,000, which the company promptly paid. As
part of CySEC’s oversight, Fintailor Investments is reportedly undergoing
examination for voluntary renunciation of its authorization.

Last year, CySEC embarked on a mission to enhance regulatory oversight within the financial sector, specifically focusing on
potential violations by Cypriot Investment Firms (CIFs). The commission
announced a public tender valued at €240,000, seeking two experts specializing in identifying
regulatory breaches.

Delving into CySEC’s Regulatory Initiative

CySEC’s move underscored its commitment to
bolstering oversight within the financial landscape. The tender, titled
“Provision of services by two experts to conduct investigations regarding
potential violations of the current legislation by CIFs”, signaled a
proactive approach towards maintaining regulatory integrity in the CIF space.

CySEC’s emphasis on supervisory oversight has
evolved, with CIFs constituting a significant portion of entities under its
purview. In 2022, there were 837 regulated entities overseen by CySEC. However, a CySEC report for 2022 revealed a decline
in CIFs’ assets amidst geopolitical disruptions. A notable increase in
client base was attributed to market expansion and evolving post-Brexit
reporting standards.

Recently, CySEC withdrew Investors Compensation Fund (ICF) membership from four Cyprus-based investment
firms: Stone Edge Capital Ltd, Holiway Investments Ltd, FXBFI Broker Financial
Invest Ltd, and KAB Strategy Ltd, Finance Magnates reported.

CySEC’s decision to withdraw the CIF authorizations
from these firms led to the subsequent revocation of their ICF memberships.
Despite this step, clients covered by the ICF can still pursue compensation claims
for investment operations conducted prior to the withdrawal of membership. This is subject to meeting the eligibility criteria specified by CySEC.

The Cyprus Securities and Exchange Commission
(CySEC) has reached a settlement of an amount worth €200,000 with Fintailor
Investments Ltd. According to the regulator, this settlement relates to
potential breaches of the regulations related to the prevention of money
laundering by the firm.

CySEC’s investigation into Fintailor Investments,
spanning the period 2016-2019, primarily focused on the company’s adherence to
anti-money laundering and counter-terrorist financing regulations.

The settlement pertained to various aspects,
including the application of adequate customer identification procedures,
examination of transactions susceptible to money laundering , and compliance
with the responsibilities of the Board of Directors and the compliance officer.

Source: CySEC

The settlement reached between the CySEC and
Fintailor Investments amounted to €200,000, which the company promptly paid. As
part of CySEC’s oversight, Fintailor Investments is reportedly undergoing
examination for voluntary renunciation of its authorization.

Last year, CySEC embarked on a mission to enhance regulatory oversight within the financial sector, specifically focusing on
potential violations by Cypriot Investment Firms (CIFs). The commission
announced a public tender valued at €240,000, seeking two experts specializing in identifying
regulatory breaches.

Delving into CySEC’s Regulatory Initiative

CySEC’s move underscored its commitment to
bolstering oversight within the financial landscape. The tender, titled
“Provision of services by two experts to conduct investigations regarding
potential violations of the current legislation by CIFs”, signaled a
proactive approach towards maintaining regulatory integrity in the CIF space.

CySEC’s emphasis on supervisory oversight has
evolved, with CIFs constituting a significant portion of entities under its
purview. In 2022, there were 837 regulated entities overseen by CySEC. However, a CySEC report for 2022 revealed a decline
in CIFs’ assets amidst geopolitical disruptions. A notable increase in
client base was attributed to market expansion and evolving post-Brexit
reporting standards.

Recently, CySEC withdrew Investors Compensation Fund (ICF) membership from four Cyprus-based investment
firms: Stone Edge Capital Ltd, Holiway Investments Ltd, FXBFI Broker Financial
Invest Ltd, and KAB Strategy Ltd, Finance Magnates reported.

CySEC’s decision to withdraw the CIF authorizations
from these firms led to the subsequent revocation of their ICF memberships.
Despite this step, clients covered by the ICF can still pursue compensation claims
for investment operations conducted prior to the withdrawal of membership. This is subject to meeting the eligibility criteria specified by CySEC.

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