Homepage > News > CySEC Imposes €50K Fine on 101investing’s Operator FXBFI Over Anti-Money Laundering Lapses

CySEC Imposes €50K Fine on 101investing’s Operator FXBFI Over Anti-Money Laundering Lapses

The Cyprus Securities and Exchange Commission (CySEC) has imposed a €50,000 administrative fine on FXBFI Broker Financial Invest Ltd., the operator of the now-defunct CFDs broker brand, 101investing. The penalty was issued due to the company’s failure to adhere to anti-money laundering and terror financing prevention requirements.

Key Points

  • FXBFI, the operator of the now-closed CFDs broker 101investing, has been fined €50,000 by the CySEC for shortcomings in anti-money laundering and terror financing prevention.
  • This isn’t the first financial penalty FXBFI has faced from the CySEC; the firm previously paid a €150,000 fine over potential violations of financial regulations.
  • 101investing, which operated under a Cyprus Investment Firm license, discontinued its operations earlier this year and has since voluntarily renounced its CySEC license.

Repeat Offender: FXBFI Under the Microscope

The regulator specifically cited FXBFI’s insufficient policies, controls, and procedures to effectively manage and mitigate the risks of money laundering and terrorist financing. These inadequacies were in regard to the thorough examination of transactions particularly susceptible to being associated with such criminal activities.

This is not FXBFI’s first run-in with the regulatory body. Last year, the brokerage operator was obliged to pay €150,000 to settle potential violations of the country’s financial regulations, which included issues related to client reporting and remuneration.

The Fall of 101investing

FXBFI operated the 101investing brand under a Cyprus Investment Firm (CFI) license. This authorization permitted the firm to provide trading services throughout the European Economic Area (EEA). After the UK left the European Union, 101investing ceased its services for UK residents.

The 101investing website, previously offering CFDs of forex, stocks, indices, commodities, metals, and cryptocurrencies, is no longer accessible. FXBFI’s registered website is currently listed for sale. An archived snapshot of 101investing’s website shows that the broker concluded its operations in early 2022, following the closure of all open trades.

Author: ForexRev Team

Are you a trader?

Help others and rate your broker! Use the search engine or find your broker on the list.


Last news:

german economy

German Business Climate Dips, Indicating Looming Extended Recession

A successive drop in German business morale in June indicates an impending lengthier recession for ...
ropa naftowa

Nigeria’s Oil Market Faces Crisis as Half of Output Goes Unpurchased

The Nigerian oil market is currently facing a significant surplus, with nearly half of next ...
Week for Wall Street

Stock Futures Fall, Investors Eye Powell’s Testimony

Stock futures are indicating a downtrend ahead of the Federal Reserve Chair, Jerome Powell's second ...

Euro Maintains Position Despite Russia’s Drastic Reduction in Use – ECB Report

Despite Russia's significant reduction in its use, the Euro stood its ground as the world's ...

Add a comment

Your email address will not be published. Required fields are marked *


Note: Opinions and posts on ForexRev.com represent personal opinions and views of their respective authors and should not be interpreted as recommendations to purchase or sell securities. ForexRev.org assumes no responsibility or liability for such content.
Go to top