The Board of the Cyprus Securities and Exchange Commission (CySec) wishes to inform investors that, at its meeting held on 5 September 2016, decided to impose a total administrative fine of €138.000 to the CIF OptionRally Financial Services Ltd (‘the Company’) for non-compliance with the following legislation: 1. the Investment Services and Activities and Regulated Markets […]

The Cyprus Securities and Exchange Commission (CySec) has issued a press release to inform that: The Board of the Cyprus Securities and Exchange Commission (the ‘CySEC’) wishes to inform investors that, at its meeting held on October 12, 2015, decided to impose a total administrative fine of €156.000 on the CIF Rodeler Ltd (the ‘Company’) for non-compliance with […]

The Central Bank of Cyprus (CBC) has decided the imposition of fine amounting to €89.000 against Alpha Bank Cyprus Ltd for failing to comply with specific Laws and Directives. The Central Bank of Cyprus (CBC), within the remit of exercising its supervisory role, may take, under subsection (6) of section 59 of the Prevention and Suppression of […]

The Central Bank of Cyprus (CBC), within the remit of exercising its supervisory role, may take, under subsection (6) of section 59 of the Prevention and Suppression of Money Laundering Activities Laws of 2007 to 2016, all or any of the measures listed therein in the event of non-compliance by a supervised person with the […]

The US Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final ruling imposing prohibition on the opening or maintaining of correspondent accounts for, or on behalf of, FBME Bank Ltd, the Central Bank of Cyprus (CBC) announced on Sunday. The CBC took over the operations of FBME in 2014 after the latter was named […]

On 9 December 2015 the CBC, decided to impose sanctions in the form of a fine on FBME Bank Ltd (Cyprus Branch) amounting to €1.200.000 for failure to comply with sections 58, 60(d), 61(1), 62(6), 64(1)(c), 64(2), 68C, and 68(1) of the Prevention and Suppression of Money Laundering Activities Law of 2007 to 2013, paragraphs […]

President Petro Poroshenko and his lawyers repeatedly said previously that none of the offshore companies Poroshenko set up in the British Virgin Islands (BVI), Cyprus and the Netherlands have bank accounts or conduct any financial activities. Those statements appear to be false.

The Council of Europe’s anti-money laundering watchdog said that Cyprus banks seem to have made significant progress in banking checks and will report on its next assessment in September. Money laundering – the process through which criminals give an apparently legitimate origin to proceeds of crime – is an expanding and increasingly international phenomenon. Current […]