The Cyprus Securities and Exchange Commission (CySEC) today announced it had imposed a €20,000 ($22,000) fine on binary options broker Banc de Binary over violations of the Cypriot law regarding maintenance of anti-money laundering (AML) systems.
According to a decision CySEC’s Board took on July 6, 2015, the company had violated section 58(a) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as well as paragraphs 5(d) and 9(1)(d),(i),(j) f the CySEC’s Directive DI144-2007-08 of 20
12 for the Prevention of Money Laundering and Terrorist Financing.
The regulator claims the company was not using the requested procedures regarding verification of customers’ identity, monitoring of transactions and accounts. In addition, CySEC found that Banc de Binary had not implemented adequate measures for identifying and evaluating the risks associated with current clients of the company.
The latest fine on Banc de Binary comes soon after CySEC imposed a €20,000 monetary penalty on the broker for suspicious business ties.
To view the full announcement by CySEC (in Greek), click here.
For a shorter version (in English), click here.