The Cyprus Securities and Exchange Commission (CySEC) has reached a €40,000 settlement with Bridge Global Solution Services Limited due to potential breaches of anti-money laundering (AML) legislation.
This settlement, announced on Monday, addresses violations related to the Prevention and Suppression of Money Laundering and Terrorist Financing Law. CySEC indicated that the decision follows preliminary findings that raised reasonable suspicions about the company’s compliance with AML and counter-terrorist financing regulations.
Aml: Regulatory Authority and Legislative Backing
CySEC operates under the authority granted by article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, which allows the regulator to settle cases where there are reasonable grounds to believe that legislation may have been breached.
The commission noted that the settlement was specifically linked to an assessment of the company’s adherence to legal requirements from 2021 to 2025, focusing on articles 58(a) and 58(c) of the law, as well as paragraphs 5(d) and 9(1)(d) of the directive concerning the implementation of policies and procedures for managing money laundering risks.
Compliance Review Timeline
In its review, CySEC scrutinised the compliance mechanisms that Bridge Global had in place during the specified timeframe. The findings suggested that there were lapses in the company’s procedures that could potentially expose it to money laundering activities.
Settlement Payment and Revenue Implications
Following the announcement, CySEC confirmed that Bridge Global has settled the matter by paying the €40,000 amount. Importantly, the commission clarified that all settlement payments are routed as revenue to the Treasury of the Republic of Cyprus, meaning they do not contribute to CySEC’s income.
This settlement underscores the ongoing vigilance of CySEC in monitoring compliance with AML regulations among supervised entities, reflecting the organisation’s commitment to uphold financial integrity within the sector.
