Paphos Mayor alleges Cyprus-based Forex firms are laundering money for Latin American drug cartels.
The regulator stresses compliance with EU financial and anti-money laundering laws.
A flag of Cyprus; Photo: Unsplash
Paphos Mayor Phedonas Phedonos has made strong allegations
that Cyprus has become part of an international money laundering network
involving Latin American drug cartels. Speaking on social media, the mayor
claimed that some Forex firms based in Cyprus are being used to launder drug
money through complex shell company networks in Latin America, KNEWS reported.
Mayor Demands Action on Forex Funds
He warned that Cyprus is no longer only a transit point for
drugs but is
now deeply involved in laundering proceeds from organized crime. The mayor
called on regulators to investigate the flow of funds and questioned why
financial authorities appear to allow large sums to move unchecked.
In response, the Cyprus Securities and Exchange Commission
(CySEC) issued a statement underscoring its regulatory role. A CySEC
spokesperson said:
“The foreign exchange (forex) market is a decentralised
network of banks, brokers and other financial institutions that facilitate
currency transactions. A market that is the biggest and most liquid in the
world where financial groups hold multiple licenses in different jurisdictions.”
Source:CySEC
“Whilst there is no central oversight body for the entire
forex market, CySEC’s responsibility as the national regulatory body is to
supervise domestic forex trading investment firms in Cyprus to ensure that they
are in strict compliance, among others, with the EU Markets in Financial
Instruments Directive (MiFID II) and the latest EU AML Directives and
Regulations. There are severe penalties and enforcement actions for
non-compliance.”
Cyprus Faces Scrutiny Over Financial Oversight
CySEC confirmed it is gathering information from domestic
and international bodies before deciding whether to open an investigation
related to the mayor’s claims. The regulator reaffirmed its commitment to
protecting investors and maintaining the integrity of Cyprus’s financial
markets, highlighting ongoing cooperation with European and global agencies.
The mayor’s allegations have stirred concerns about
potential weaknesses in oversight and the possibility of deeper connections
between organized crime and Cyprus’s financial sector. Authorities are now
under pressure to demonstrate transparency and take decisive action if
necessary.
Paphos Mayor Phedonas Phedonos has made strong allegations
that Cyprus has become part of an international money laundering network
involving Latin American drug cartels. Speaking on social media, the mayor
claimed that some Forex firms based in Cyprus are being used to launder drug
money through complex shell company networks in Latin America, KNEWS reported.
Mayor Demands Action on Forex Funds
He warned that Cyprus is no longer only a transit point for
drugs but is
now deeply involved in laundering proceeds from organized crime. The mayor
called on regulators to investigate the flow of funds and questioned why
financial authorities appear to allow large sums to move unchecked.
In response, the Cyprus Securities and Exchange Commission
(CySEC) issued a statement underscoring its regulatory role. A CySEC
spokesperson said:
“The foreign exchange (forex) market is a decentralised
network of banks, brokers and other financial institutions that facilitate
currency transactions. A market that is the biggest and most liquid in the
world where financial groups hold multiple licenses in different jurisdictions.”
Source:CySEC
“Whilst there is no central oversight body for the entire
forex market, CySEC’s responsibility as the national regulatory body is to
supervise domestic forex trading investment firms in Cyprus to ensure that they
are in strict compliance, among others, with the EU Markets in Financial
Instruments Directive (MiFID II) and the latest EU AML Directives and
Regulations. There are severe penalties and enforcement actions for
non-compliance.”
Cyprus Faces Scrutiny Over Financial Oversight
CySEC confirmed it is gathering information from domestic
and international bodies before deciding whether to open an investigation
related to the mayor’s claims. The regulator reaffirmed its commitment to
protecting investors and maintaining the integrity of Cyprus’s financial
markets, highlighting ongoing cooperation with European and global agencies.
The mayor’s allegations have stirred concerns about
potential weaknesses in oversight and the possibility of deeper connections
between organized crime and Cyprus’s financial sector. Authorities are now
under pressure to demonstrate transparency and take decisive action if
necessary.
Prop Firms and Brokers Form a Perfect Synergy: One Offers Access, the Other Capital
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
