Charalambos Kiritsis of defunct FX broker UBFS Invest fined €10,000 by CySEC

CySEC fine

The Board of the Cyprus Securities and Exchange Commission (CySEC) has informed that, at its meeting held on 26 June 2017, decided to impose an administrative fine of €10.000 to Mr. Charalambos Kiritsis for non compliance paragraph 9(1) of CySEC Directive DI144-2007-01 of 2012 for the Authorisation and Operating Conditions of CIFs (‘the Directive’) since, as an executive director of UBFS Invest powered by Moneychoice Brokers Ltd (‘the Company’) at the relevant time, he did not periodically assess the effectiveness of the policies, arrangements and procedures put in place by the Company for its compliance with obligations provided in the Investment Services and Activities and Regulated Markets Law of 2007, as in force, and the European Regulation 575/2013.

Regarding the other directors of UBFS Invest powered by Moneychoice Brokers Ltd at the relevant time, CySEC was satisfied with their representation and decided that no violation of paragraph 9(1) of the Directive exists on their behalf.

CySEC has already announced the withdrawal of the license of retail forex broker UBFS Invest / Moneychoice last December.

The official announcement can be seen here.

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