The regulator announced that the company is seeking a voluntary renunciation of the authorization.
In February, it agreed to pay €200,000 regarding potential breaches of anti-money laundering laws.
The Cyprus
Securities and Exchange Commission (CySEC) has made the decision to revoke the
Cyprus Investment Firm (CIF) authorization previously granted to Fintailor
Investments Ltd.
Fintailor voluntarily
relinquished its CIF authorization, leading to CySEC's decision to withdraw it formally. The company's choice to expressly renounce its authorization was
cited as the primary reason behind the regulator’s action.
Finance Magnates last reported on Fintailor, which has held a CIF license since 2011, over three months ago. This was in February when CySEC announced a settlement with the company for €200,000. According to the statement at the time, the regulator highlighted potential breaches in anti-money laundering laws. The investigation covered the period between 2016 and 2019.
Source: CySEC
The settlement agreement from February highlighted several critical issues within the Company's anti-money laundering and counter-terrorist financing framework. These issues included inadequate policies and procedures for customer identification and due diligence, a failure to thoroughly examine transactions that may be vulnerable to financial crimes, particularly complex or unusually large transactions and unusual transaction patterns lacking clear economic or legal purpose.
Furthermore, the settlement revealed shortcomings in the Board of Directors' responsibilities in ensuring compliance and deficiencies in the Compliance Officer's duties in overseeing and implementing effective anti-money laundering measures.
CySEC is set to intensify its oversight of firms involved in cross-border activities, particularly in handling complex financial products like Contracts for Difference (CFDs). The regulator's supervisory priorities for 2024 include bolstering investor protection and ensuring market integrity through an enhanced supervisory framework. This plan entails a thorough evaluation of the risks and responsibilities of the entities under its supervision.
In 2023, CySEC carried out more than 700 on-site and remote inspections of supervised entities, resulting in over $2.2 million in fines. These thematic audits were conducted to ensure regulatory compliance and safeguard investors' interests.
The Cyprus
Securities and Exchange Commission (CySEC) has made the decision to revoke the
Cyprus Investment Firm (CIF) authorization previously granted to Fintailor
Investments Ltd.
Fintailor voluntarily
relinquished its CIF authorization, leading to CySEC's decision to withdraw it formally. The company's choice to expressly renounce its authorization was
cited as the primary reason behind the regulator’s action.
Finance Magnates last reported on Fintailor, which has held a CIF license since 2011, over three months ago. This was in February when CySEC announced a settlement with the company for €200,000. According to the statement at the time, the regulator highlighted potential breaches in anti-money laundering laws. The investigation covered the period between 2016 and 2019.
Source: CySEC
The settlement agreement from February highlighted several critical issues within the Company's anti-money laundering and counter-terrorist financing framework. These issues included inadequate policies and procedures for customer identification and due diligence, a failure to thoroughly examine transactions that may be vulnerable to financial crimes, particularly complex or unusually large transactions and unusual transaction patterns lacking clear economic or legal purpose.
Furthermore, the settlement revealed shortcomings in the Board of Directors' responsibilities in ensuring compliance and deficiencies in the Compliance Officer's duties in overseeing and implementing effective anti-money laundering measures.
CySEC is set to intensify its oversight of firms involved in cross-border activities, particularly in handling complex financial products like Contracts for Difference (CFDs). The regulator's supervisory priorities for 2024 include bolstering investor protection and ensuring market integrity through an enhanced supervisory framework. This plan entails a thorough evaluation of the risks and responsibilities of the entities under its supervision.
In 2023, CySEC carried out more than 700 on-site and remote inspections of supervised entities, resulting in over $2.2 million in fines. These thematic audits were conducted to ensure regulatory compliance and safeguard investors' interests.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
X Open Hub’s CEO, Michal Copiuk, on the developments of AI
X Open Hub’s CEO, Michal Copiuk, on the developments of AI
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
FX and CFDs in Africa: Key Industry Trends | FMAS:24
FX and CFDs in Africa: Key Industry Trends | FMAS:24
As Africa joins the global financial markets, its unique economy fuels forex and CFD trading innovation. Discover growth drivers: tech advancements, regulations, and increased financial education for African traders. See how these factors enhance trading accessibility, transparency, financial inclusion, and opening new investment opportunities. Learn about the digital transformation's impact on trading –the role of technology, social platforms, and automated systems in democratizing market access.
SPEAKER: Christoforos Panagiotou, Africa Regional Manager at Fxview @Fxview
#fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors
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As Africa joins the global financial markets, its unique economy fuels forex and CFD trading innovation. Discover growth drivers: tech advancements, regulations, and increased financial education for African traders. See how these factors enhance trading accessibility, transparency, financial inclusion, and opening new investment opportunities. Learn about the digital transformation's impact on trading –the role of technology, social platforms, and automated systems in democratizing market access.
SPEAKER: Christoforos Panagiotou, Africa Regional Manager at Fxview @Fxview
#fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Asset Allocation & Trading in a Lower Interest Rate Environment | FMAS:24
Asset Allocation & Trading in a Lower Interest Rate Environment | FMAS:24
Traditional investment paradigms shift in a lower interest rate environment, compelling investors to reassess their asset allocation and trading strategies. This scenario prioritizes diversification beyond conventional bonds and equities. Investors should adapt by seeking assets with the potential for higher yields, considering global markets, and employing dynamic trading strategies that leverage short-term market fluctuations, all while managing risk more meticulously to safeguard returns.
SPEAKER: Roger Eskinazi, Managing Partner at Tickmill South Africa
#fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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Don't miss out on our latest videos, interviews, and event coverage.
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Traditional investment paradigms shift in a lower interest rate environment, compelling investors to reassess their asset allocation and trading strategies. This scenario prioritizes diversification beyond conventional bonds and equities. Investors should adapt by seeking assets with the potential for higher yields, considering global markets, and employing dynamic trading strategies that leverage short-term market fluctuations, all while managing risk more meticulously to safeguard returns.
SPEAKER: Roger Eskinazi, Managing Partner at Tickmill South Africa
#fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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Don't miss out on our latest videos, interviews, and event coverage.
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