The Cyprus Securities and Exchange Commission (CYC) announced today a settlement agreement with the Cypriot investment company (CIF) Fintailor Investments Ltd.
The settlement covers potential violations of the Money Laundering and Terrorist Financing Act 2007 (“the Act”) and the Money Laundering and Terrorist Financing Directive issued by the EKK (“the Directive”). The investigation for which the settlement was reached concerned the assessment of the Company’s compliance for the period 2016-2019.
More specifically, the settlement reached concerned the assessment of the company’s compliance with:
- section 58(a) of the Act relating to the implementation of appropriate and appropriate policies, controls and procedures in relation to customer identification and customer due diligence,
- article 58(e) of the Law regarding the detailed examination of any transaction which by its nature may be considered particularly vulnerable in relation to money laundering or terrorist financing offenses and in particular complex or unusually large transactions and all other unusual patterns transactions that do not have an obvious financial or obvious legal purpose,
- paragraph 5 point d) of the Directive on the responsibilities of the board of directors and
- paragraph 9 paragraph 1 point d) of the Directive regarding the duties of the compliance officer.
The settlement reached with the company is for the amount of €200,000. The company has already paid the amount.
It is noted that all amounts payable from settlement agreements are considered revenue (revenue) of the State of the Republic and do not constitute income of the Greek Cypriot Association.
According to the Cyclist’s website, the company is currently “under review for voluntary relinquishment of the license”.