CySEC Announces €150,000 Settlement with Credit Financier Invest

The Cyprus Securities and Exchange Commission (CySEC) yesterday announced that it has reached a settlement agreement with Credit Financier Invest (CFI) Limited, holding a Cyprus Investment Firm (CIF) license.

​As part of the settlement, the company has paid €150,000 to CySEC for possible regulatory violations. 

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According to the Cypriot watchdog, the broker has possibly violated the Prevention and Suppression of Money Laundering and Terrorist Financing Law as amended of 2007 (the 'Law'), as these appeared on an inspection taking place in December 2020.

As detailed in the official press release, the settlement reached involved the assessment of the company's compliance with:

1. article 58(a) of the Law regarding the application of adequate and appropriate procedures in relation to customer identification and customer due diligence,

2. article 58(e) of the Law regarding the detailed examination of each transaction which by its nature may be considered to be particularly vulnerable to be associated with money laundering offenses or terrorist financing, and

3. article 58(f)(i) of the Law with regard to informing the company's employees in relation to the systems and procedures that the company follows.