The Cyprus Securities and Exchange Commission (CySEC) has reached a settlement with investment company Xtrade Europe Limited, alleging that it may have violated laws of The Prevention and Suppression of Money Laundering and Terrorist Financing Law.
08 June, 2020 | AtoZ Markets – XTrade Europe LTD was established in 2010. The company regulated by CySEC, also offers online CFD and Forex trading services. Its CIF license number is 108/10. Moreover, it is formerly known as XFR Financial Ltd and OCM Online Capital Markets Ltd. Its approved domains are offersfx.com and offersfx.eu.
XTrade Europe LTD Pays €200,000 to Settle Possible Violations with CySEC
Cyprus regulator, CySEC has announced that it has reached €200,000 settlement with XTrade Europe Ltd. The settlement also concerns possible violations of The Prevention and Suppression of Money Laundering and Terrorist Financing Law. Moreover, the regulator said:
“CySEC, under section 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation or possible violation, act or omission.”
The settlement actions were as a result of the compliance. CySEC also initiated the investigation in June 2018. Moreover, the investigation was related to:
- Adequate and appropriate measures taken to implement customer due diligence.
- Assess and obtain information from customers regarding the purpose and intended nature of business relationships
- Identify, record and assess of the possible risks faced by the CIFs.
- The implementation of measures and procedures to manage and mitigate risk,
- The adequacy of the data/information held for the customer’s identity and economic profile, and
- Exercise continuous monitoring of customer accounts and transactions
Last week, the regulator also reached €160,000 settlement with Indication Investments Ltd. The settlement reflects investment services and activities that may violate some provisions of the Investment Services and Activities and Regulated Markets Law, the regulator said.
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