The Cyprus Securities and Exchange Commission (CySEC) has reached a settlement with investment firm Aquilla Nummus Ltd following an investigation into possible breaches of anti-money laundering and terrorist financing regulations.
The agreement was made under CySEC’s authority to reach settlements for any violation or possible violation, act, or omission for which there are reasonable grounds to believe that it may have occurred in breach of laws under CySEC’s supervision.
According to the regulator, the settlement concerns potential violations of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as amended, and CySEC’s own Directive for the Prevention of Money Laundering and Terrorist Financing.
The investigation focused on the company’s compliance during the period from 2018 to 2020.
CySEC’s review assessed whether Aquilla Nummus had applied adequate and appropriate policies, controls, and procedures in line with the requirements of the law.
It also examined the responsibilities of the company’s board of directors and the duties of its compliance officer, as set out in the relevant directive.
The settlement reached between CySEC and the company amounts to €150,000, which has been paid in full.
Finally, CySEC clarified that all amounts collected from settlement agreements are considered revenue for the Treasury of the Republic of Cyprus and do not constitute income for the commission itself.
