Mayzus Investment fined by CySec 

Cyprus Securities and exchange commission (cysec)

Further to the announcement issued regarding the imposition of Administrative Fine on CIF Ouroboros Derivatives Trading Ltd, the Cyprus Securities and Exchange Commission (CySec) has issued a second announcement to inform investors that, at its meeting held on February 29, 2016, the Commission decided to impose a total administrative fine of €12.000 on the CIF Mayzus Investment Company Ltd for non-compliance with the following:

1. the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as amended from time to time (‘L.188(Ι)/2007’),
2. the Directive DI 144-2007-08 of 2012 of the Securities and Exchange Commission for the Prevention of Money Laundering and Terrorist Financing (‘Directive 8’).

According to CySec, the administrative fine imposed on Mayzus Investment Company Ltd is broken down as follows:

Α. €8.000 for non-compliance with Section 58(a) of L.188(Ι)/2007, as it did not apply adequate and appropriate systems and procedures in relation to customer identification and customer due diligence, in accordance with the provisions of Section 61(1), paragraphs (c) and (d) and Section 64(1)(a) of L.188(Ι)/2007 and of paragraphs 18(2), 18(3), 21(5), subparagraphs (b) and (c), 21(6), 21(7), 24, 26(1) and 26(2) of Directive 8.

B. €4.000 for violation of paragraph 5(d) of Directive 8, as its Board of Directors did not ensure the implementation of all the requirements of L.188(Ι)/2007 and of Directive 8 and there were no indications that it made sure that appropriate, efficient and sufficient systems and controls for achieving compliance were introduced.

Source: CySec – Decision 02-29-2016 for the imposition of administrative fine to Mayzus Investment Company Ltd

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