Do not invest more money than you can afford to lose.
The Cyprus Securities and Exchange Commission (CySEC) said on Thursday it has ordered forex broker Mayzus Investment Company, trading as Mayzus, to pay administrative fines in the combined amount of €12,000. The CySEC-regulated broker has breached the laws for Prevention and Suppression of Money Laundering and Terrorist Financing.
The regulator took the decision on a regular meeting held on 29 February, 2016.
The broker received a €8,000 fine for not complying with the requirements for applying adequate and appropriate systems and procedures in relation to customer identification and customer due diligence. Another €4,000 fine was due to its inability to implement all requirements of the law and its failure to indicate that it made sure that appropriate, efficient and sufficient systems and controls for achieving compliance were introduced.
Mayzus is a broker of forex, contracts for difference (CFDs) on shares, indices, and oil. It provides partner programs for introducing brokers, affiliates, and MAM managers.
The brokerage is licensed by the CySEC and registered with the relevant authorities in 18 other European countries, including Belgium, Germany, Spain, the UK, and France.
Source: CySEC
