Nicosia, Cyprus. The Cyprus Securities and Exchange Commission said it reached a €40,000 settlement with Bridge Global Solution Services Limited over possible breaches related to anti-money laundering legislation and procedures. The regulator said the company has already paid the amount.
Scope of the settlement
CySEC said the settlement concerned possible violations of the Prevention and Suppression of Money Laundering and Terrorist Financing Law and the relevant directive issued by the commission.
Legal basis and preliminary findings
The regulator said that, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, it has the authority to reach settlements for any violation, possible violation, act or omission where there are reasonable grounds to believe that supervised legislation may have been breached. CySEC said preliminary findings raised reasonable suspicions regarding possible acts and omissions linked to breaches of anti-money laundering and counter-terrorist financing requirements.
Compliance period and provisions assessed
CySEC said the case involved an assessment of the company’s compliance between 2021 and 2025 with articles 58(a) and 58(c) of the law, as well as paragraphs 5(d) and 9(1)(d) of the directive. It said these provisions concern the application of policies, controls and procedures relating to money laundering risks.
Treatment of settlement payments
CySEC said settlement payments are treated as revenue of the Treasury of the Republic and do not constitute income for the commission.
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