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Screenshot of a breaking news alert e-mail from Q2 2017
The Cyprus Securities and Exchange Commission (CySEC) has imposed a €12,000 administrative fine on retail Forex broker Mayzus over non-compliance with anti-money laundering rules.
The Board of the Commission made the decision for the fine on February 29, 2016.
The company is alleged to have violated the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as well as the Directive DI 144-2007-08 of 2012 of the Securities and Exchange Commission for the Prevention of Money Laundering and Terrorist Financing.
The €12,000 fine is broken down as follows:
- €8,000 for not applying adequate and appropriate systems and procedures in relation to customer identification and customer due diligence.
- €4,000 for not ensuring the implementation of all the requirements of the Law and the Directive and because there were no indications that the broker made sure that appropriate, efficient and sufficient systems and controls for achieving compliance were introduced.
The regulator took into account, inter alia, Mayzus’ commitment to implement corrective measures in order to fully comply with the legal provisions.
The €12,000 fine does not loom as very big, especially when compared to hefty fines CySEC imposed on numerous binary options and FX brokers late last year: the monetary penalties then exceeded €300,000 for firms like WGM Services.
You can view the full announcement from CySEC by clicking here.