Cyprus Securities and Exchange Commission today announced that it has imposed a €50,000 fine on FXBFI Broker Financial Invest Ltd for non-compliance with the Prevention and Suppression of Money Laundering and Terrorist Financing Law.
According to the Cyprus watchdog, the operator of closed CFD broker 101investing.com did not fulfill the requirements for anti-money laundering and terror financing prevention between 23 July 2020 and 18 January 2021.
The regulator said:
The Company did not apply adequate and appropriate policies, controls, and procedures, so as to mitigate and manage the risks of money laundering and terrorist financing effectively, in relation to the detailed examination of each transaction which by its nature may be considered to be particularly vulnerable to be associated with money laundering offences or terrorist financing.
CySEC stated that it has performed a detailed examination of each transaction during the period in question.
