Cyprus watchdog CySEC has announced a fine of €160,000 against Atlas Capital Financial Services Ltd, parent of ACFX.
June 11, 2021 | AtoZ Markets – The Board of the Cyprus Securities and Exchange Commission (CySEC) announced on Friday that it has imposed an administrative fine of €160,000 on Cyprus investment firm (CIF) Atlas Capital Financial Services Ltd, also known as ACFX.
Why CySEC fined Atlas Capital Financial Services?
According to the announcement, the fine stems from the company’s non-compliance with:
- The Law on Investment Services and Activities and Regulated Markets of 2007, as in force at the material time (Law 144(I)/2007),
- The Law on the Prevention and Combating of Money Laundering Act 2007, as in force at the material time (Law 188(I)/2007),
- The Directive DI144-2007-08,
- The Regulation (EU) 648/2012 (EMIR),
- The Law of the Cyprus Securities and Exchange Commission of 2009 (Law 73(I)/2009).
CySEC imposed a temporary ban on ACFX directors
In addition, the Board of CySEC has announced that Mr. Petar Kazivoda, Mr. Dusko Knezevic, Mr. Aleksandar Krtinic, and Mrs. Ljiljana Dragicevic have not complied with paragraph 9(1) of Directive DI144-2007-01 of 2012, since, as directors of Atlas Capital Financial Services Ltd, they did not periodically evaluate the effectiveness of the policies, regulations, and procedures that the company had established for its compliance with the obligations provided in the Investment Services and Regulated Markets Law of 2007.
As a result, the Cypriot regulator has decided to:
- Prohibit temporarily Mr. Petar Kazivoda and Mr. Dusko Knezevic from exercising professional activity related to the financial sector, and specifically for a period of two years.
- Prohibit temporarily Mrs. Ljiljana Dragicevic and Mr. Aleksandar Krtinic from exercising professional activity related to the financial sector, specifically for a period of six months.
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