CySEC fines Greenmont AIFLNP for not complying with AML laws

11:35 - 04 August 2023

Financial Services

Alternative investment firm Greenmont AIFLNP Ltd has been fined by the securities and exchange commission for failing to comply with terrorist financing and money-laundering laws.

“The Board of the Cyprus Securities and Exchange Commission (CySEC) wishes to inform the public that, at its meeting held on the 24th April 2023, it decided that the AIFLNP Greenmont AIFLNP Ltd does not comply with: sections 58(d) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007; and paragraphs 5(d) and 6 of the Directive of the Cyprus Securities and Exchange Commission for the Prevention and Suppression of Money Laundering and Terrorist Financing (Directive 157/2019),” CySEC said in an announcement.

And so it added that it decided to fine the company €5,500, as it said “the policies, controls and procedures it is implementing, in relation to internal control, assessment and risk management to prevent money laundering and terrorist financing, are not sufficient and appropriate”. It added that the company failed to submit its Annual Internal Audit Report for the year 2020 and the minutes of its Board of Directors to CySEC within the required deadline, which would have confirmed said controls and procedures were being implemented.

And so it was left with no other choice but to impose the fine, as required by law.

CySEC fines Greenmont AIFLNP for not complying with AML laws

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