The Cyprus Securities and Exchange Commission (CYSEC) issued a statement on claims on FX brokers.
Following claims made by the mayor of Pafa Over connections between foreign exchange companies in Cyprus and the Latin American drug cartel, a CYSEC spokesman said:
“The forex market is a decentralized network of banks, brokers and other financial institutions that facilitate currency transactions. Compliance, inter alia, with EU markets in the Mifid II Directive (Mifid II) and the latest EU AML guidelines and regulations.
It is in the context of this responsibility that CYSEC is taking practical measures to collect all available data and information from the relevant bodies before deciding whether further investigation of the claim is required.
CYSEC is fully working together and exchanging information with domestic, European and international bodies such as ESMA, EBA, Amla, Moneyval, Fatf and national authorities.
Our priority is to protect investors and maintain the reliability and transparency of the Cypriot capital market. ”