The Cyprus Securities and Exchange Commission (CySEC) today announced a €70,000 settlement with ASP Trident Trust Company (Cyprus) Limited.

The settlement concerns possible breaches of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (the ‘Law’) and the Directive for the Prevention of Money Laundering and Terrorist Financing issued by CySEC (‘the Directive’), as amended.

The investigation for which the settlement was reached, involved assessing the company’s compliance, for the period 2015-2020.

More specifically, the settlement reached, involved the assessment of the company’s compliance with regard to:

• article 58(a), 58(b), 58(c), 58(d) of the Law, regarding the application of adequate and appropriate policies, controls and procedures,
• article 58A(1) of the Law, regarding the appropriate steps to be taken in order to identify and assess the risks,
• paragraph 5(d) of the Directive, regarding Board of Directors’ responsibilities, and
• paragraph 9(1)(d) of the Directive, regarding Compliance officer’s duties.

The company has paid the amount of €70,000.

It is noted that all amounts payable from settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of CySEC.