CySEC reaches €200,000 settlement with Xtrade Europe

Maria Nikolova

The settlement concerns possible violations of The Prevention and Suppression of Money Laundering and Terrorist Financing Law.

The Cyprus Securities and Exchange Commission (CySEC) today announces that it has reached a settlement with investment firm Xtrade Europe Limited for possible violations of The Prevention and Suppression of Money Laundering and Terrorist Financing Law (L. 188(Ι)/2007) and the Directive issued thereof. The settlement follows an onsite inspection that was conducted at the firm’s premises in June 2018.

More specifically, the settlement reached involved the assessment of Xtrade’s compliance with articles of L.188(I)/2007 and the Directive issued thereof as of June 2018, relating to the implementation of adequate and appropriate measures in performing customer due diligence, in assessing and obtaining information from customers on the purpose and intended nature of the business relationship, the identification/recording/evaluation of the possible risks faced by the CIFs, the implementation of measures and procedures to manage and mitigate risks, the adequacy of the data/information held for customer’s identity and their economic profile, and the exercise of ongoing monitoring of customer’s accounts and transactions.

The settlement reached with Xtrade for the possible violations is for the amount of €200,000. The company has paid the amount.

It is noted that the amounts due to settlement agreements are calculated as revenue (income) of the Treasury of the Republic and not as an income for CySEC.

Xtrade Europe is formerly known as XFR Financial Ltd and O.C.M Online Capital Markets Ltd. The approved domains for this company are and

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