CySec announced an administrative fine to Banc de Binary
The Cyprus Securities and Exchange Commission (‘CySEC’) has notified the public that at the meeting held 6th July 2015 decided to impose an administrative fine of €22.000 to Banc de Binary Ltd for violation of the Law which provides for The Prevention and Suppression of Money Laundering and Terrorist Financing and Directive DI144-2007-08 of 2012 for the Prevention of Money Laundering and Terrorist Financing.
More specific, CySec’s fine to Banc De Binary Ltd is in relation with:
The Prevention and Suppression of Money Laundering and Terrorist Financing Law
1) €16.000 for violating article 58(a) that refers that: Any person carrying on financial or other business activities, is obliged to apply adequate and appropriate systems and procedures in relation to the following:
(a) customer identification and customer due diligence, in accordance with the provisions of sections 60-66 of this Law.
DI144-2007-08 of 2012 for the Prevention of Money Laundering and Terrorist Financing
1) €2.000 for violating Paragraph 9(1)(d), (i), (j) of the above Directive. Paragraph 9(1) refers that as a minimum, the compliance officer’s duties include the following:
Sub-paragraph (d) Monitors and assesses the correct and effective implementation of the policy, according to paragraph 5(a), the practices, measures, procedures and controls of point (a) and in general the implementation of the risk management and procedures manual of point (c).
Sub-Paragraph (i) Acts as the first point of contact with MOKAS, upon commencement and during an investigation as a result of filing a report to MOKAS maccording to point (g).
And sub paragraph (j) Detects, records, and evaluates, at least on an annual basis, all risks arising from existing and new customers, new financial instruments and services and updates and amends the systems and procedures applied by the Financial Organisation for the effective management of the aforesaid risks.
2) €4.000 for violating Paragraph 5(d) which refers that the board of directors: Ensures that all requirements of the Law, especially article’s 58, and of the present Directive are applied, and assures that appropriate, effective and sufficient systems and controls are introduced for achieving the above mentioned requirement.
Source: CySec
