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CySEC Issues Key Rulings on Investment Firm Fines and Fund Liquidation

by News Editor

May 15, 2025

The Cyprus Securities and Exchange Commission (CySEC) recently announced pivotal regulatory actions reflecting its steadfast stance on maintaining compliance standards in the financial sector.

Fine Imposed on iTrade Global (CY) Ltd

During its February 2025 meeting, the CySEC Board decided to impose an administrative fine of €1,250 on the Cyprus Investment Firm, iTrade Global (CY) Ltd. This decision followed findings of non-compliance with Directive 157/2019, which targets the Prevention and Suppression of Money Laundering and Terrorist Financing.

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Liquidation of WAVENTURES RAIF F.C.I.C. PLC

Separately, CySEC was informed of the initiation of the dissolution procedure for WAVENTURES RAIF F.C.I.C. PLC, managed by Hanseatic Capital Management Ltd. This fund, registered under the RAIF154 designation, will remain listed in the RAIFs Registry as ‘under liquidation’ until the process is finalized.

Industry Implications

The latest updates from CySEC emphasize the need for robust compliance frameworks.

As Cyprus continues to align with broader European directives, the island’s financial landscape is poised for transformative changes.

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SafeCY Launch: Enhancing Public Safety Through Modern Technology

by News Editor

June 15, 2025

The newly launched SafeCY application is transforming public safety in Cyprus, allowing citizens to find the nearest Civil Defense shelter in real-time. Launched by the Minister of the Interior, Konstantinos Ioannou, SafeCY is available on both the Google Play Store and the Apple App Store. This mobile application is not just a technological innovation; it is a proactive step towards enhancing the safety of Cyprus’ residents during emergencies.

Features of the SafeCY App

The app, accessible on both Android and iOS, supports both Greek and English languages, offering a user-friendly experience. Citizens can utilize GPS to find shelters based on their current location or search by address and postal code. Furthermore, the app integrates vital guidelines and information to ensure comprehensive awareness and preparation.

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Strengthening Emergency Response

SafeCY is part of a broader governmental strategy to leverage modern technology in fortifying timely public warnings. Its rollout represents a significant commitment to public protection, aligning with Cyprus’ overarching goals for sustainable growth by 2028, detailed in the economic strategy.