Cyprus Securities and Exchange Commission today announced that it has reached a settlement for €50,000 with Freedom Finance Europe Ltd for potential non-compliance with anti-money laundering and terrorist financing rules.
According to the official filing, the regulator’s investigation looked at the period between 2 November 2017 and 1 January 2019.
CySEC assessed Freedom Finance Europe’s compliance during that period regarding procedures for client identification, due diligence. Furthermore, the financial markets regulator looked closely at the implementation of appropriate policies and controls for the detailed examination of each transaction and specifically particularly complex unusually large transaction or atypical pattern.
The Cyprus watchdog announced that the company which holds a Cyprus Investment Firm (CIF) license has already paid the settlement amount.
