CySEC reaches €200,000 settlement with Zemblanco Investments
The Cyprus Securities and Exchange Commission (CySEC) today announced a €200,000 settlement with Cyprus investment firm (CIF) Zemblanco Investments Ltd.
The settlement concerns Zemblanco’s possible violations of 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 during the period December 2020 – December 2021.
More specifically, the settlement reached involved the assessment of the company’s compliance with:
- article 58(a) of the Law regarding the application of adequate and appropriate procedures in relation to customer identification and customer due diligence, and
- 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.
The settlement reached with Zemblanco, regarding the possible violations of its regulatory obligations, amounts to €200,000. The company already settled the amount of €200,000.
All amounts payable relating to settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of CySEC.