The Cyprus Securities and Exchange Commission (CySEC) today announced that on February 29th of this year it decided to impose a financial penalty on Mayzus Investment Company Ltd (Mayzus) in connection with legal and regulatory violations.
Mayzus is a foreign exchange market brokerage offering its services to European customers, registered and headquartered in Cyprus. According to the information provided on the company’s website, it is passporting its CySEC regulatory license across the European Union.
The total value of the fine amounted to €12,000 and consisted of an €8,000 fine for non-compliance with anti-money laundering and terrorist financing regulations and €4,000 related to another regulation relating to the preventative measures of money laundering operations which brokers have to adhere to when conducting their business operations.
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In the first case Mayzus had not complied with the procedures relating to customer due diligence and customer identification referred to in different paragraphs and sections of the law. The additional penalty was imposed by the Board of Directors of the CySEC, as the institution has not received assurance that an appropriate and adequate control system has been implemented in order to achieve compliance.
In its decision CySEC took into account the sum of the previous fines imposed on the entity and the current activities seeking to adopt the appropriate measures that allows the full implementation of the anti-money laundering regulation.
This is the second decision of the Cypriot market watchdog this week. Yesterday Finance Magnates reported on the penalty of 235,000 euros imposed on Ourobors Derivatives Trading Ltd, the operator and owner of Anyoption. In contrast to the case of the forex brokerage, the binary options company has violated a number of counts aside from anti-money laundering regulations.