CySec announced Imposition of Fines on 4 Cyprus Investment Firms 

The Cyprus Securities Exchange Commission (CySec) has issued an announcement to inform about its decision for Imposition of Administartive Fines on four Cyprus Investment Firms.

According to CySec, the CIFs Reliantco Investments Ltd, WGM Services Ltd , Pegase Capital Ltd  and Depaho Ltd have been fined accordingly:

A) Reliantco Investments Ltd: Administrative Fine of €123.000. CySec decided the imposition of the fine in relation of the Company’s not compliance with:
1) Law 144(I)-2007
2) Directive 144-2007-01 of 2012 for the authorisation and Operating Conditions of CIFs
3) Directive 144-2007-02 of 2012 for the professional competence of IFS and the natural persons employed by them

B) WGM Services Ltd: Administrative Fine of €340.000. CySec decided the imposition of the fine in relation of the Company’s not compliance with:
1) Law 144(I)-2007
2) Law 188(I)/2007 The Prevention and Suppresion of Money Laundering Activities Law
3) Directive 144-2007-01 of 2012 for the authorisation and Operating Conditions of CIFs
4) Directive 144-2007-02 of 2012 for the professional competence of IFS and the natural persons employed by them
5) Directive 144-2007-08 of 2012 for the prevention of money laundering

C) Pegase Capital Ltd: Administrative Fine of €300.000. CySec decided the imposition of the fine in relation of the Company’s not compliance with:
1) Law 144(I)-2007
2) Law 188(I)/2007 The Prevention and Suppresion of Money Laundering Activities Law
3) Directive 144-2007-01 of 2012 for the authorisation and Operating Conditions of CIFs
4) Directive 144-2007-02 of 2012 for the professional competence of IFS and the natural persons employed by them
5) Directive 144-2007-08 of 2012 for the prevention of money laundering

D) Depaho Ltd: Administrative Fine of €233.000. CySec decided the imposition of the Administrative fine in relation with the Company’s not compliance with:
1) Law 144(I)-2007
2) Law 188(I)/2007 The Prevention and Suppresion of Money Laundering Activities Law
3) Directive 144-2007-01 of 2012 for the authorisation and Operating Conditions of CIFs
4) Directive 144-2007-02 of 2012 for the professional competence of IFS and the natural persons employed by them
5) Directive 144-2007-08 of 2012 for the prevention of money laundering

Source: CySec

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