CySEC Asks Firms to Confirm any Ties to Mossack Fonseca over Panama Papers

The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) today announced a request for information from its regulated members in connection with any involvement or ties to parties named in the leaked Panama Papers from the law firm Mossack Fonsecca, related to alleged tax evasion and money laundering activities.

The circular requires that firms reply by no later than Wednesday April 20^th and was addressed to CySEC regulated entities including Cyprus Investment Firms (CIFs) Administrative Service Providers, UCITS Management Companies, Alternative Investment Fund Managers and Self Managed Alternative Investment Funds categories including those with a limited number of persons.

CySEC cited the relevant AML laws and asked its regulated members to investigate their records to determine whether they maintain or maintained any relationship with the company Mossack Fonseca, either directly or with any third person acting for or representing Mossack Fonseca.

In addition, CySEC requested that firms confirm whether they had maintained any business relationship with customers introduced or managed by Mossack Fonseca or by any third person acting on the law firm's behalf.

The circular added how firms must confirm if they maintain any business relationship with any other person who appears to be included in the Panama Papers, and requested that they respond as soon as possible. The news follows the United Kingdom's FCA making a similar request to its members, as reported by Finance Magnates.