The Cyprus Securities and Exchange Commission (CYC) announced today a settlement of 70,000 euros with the Cypriot investment company (CIF) Argus Stockbrokers Ltd.
The Cyprus Securities and Exchange Commission, pursuant to Article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, may enter into a settlement agreement in respect of any breach or potential breach, act or omission which there is reasonable cause to believe has taken place in breach of the provisions of the supervised legislation of the Greek Cypriot Association of Cyprus.
The settlement with Argus Stockbrokers Ltd relates to potential breaches of the Money Laundering and Terrorist Financing Prevention and Suppression Acts 2007 (the “Act”) and the Anti-Money Laundering and Anti-Terrorist Financing Directive financing of terrorism issued by the Greek Cypriot Commission (“the Directive”). , as they appeared in an inspection carried out in November 2019.
More specifically, the settlement reached concerned the assessment of the company’s compliance with respect to:
- section 58(a) of the Law on the implementation of appropriate and appropriate policies, controls and procedures in relation to customer due diligence,
- paragraph 5(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 company has already settled the amount of €70,000.
All amounts payable related to settlement agreements are considered revenues (revenues) of the State of the Republic and are not revenues of CySEC.