CySEC Suspends CIF License of 3angleFX Over AML Violations

The Cyprus Securities and Exchange Commission (CySEC) has announced the suspension of the Cyprus Investment Firm (CIF) authorisation of Triangleview Investments Ltd, citing multiple breaches.

Triangleview, operating under CIF license number 384/20, was found to violate CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing. According to the regulator, the company failed to meet key licensing conditions, mainly regarding the composition and oversight of its board of directors, as well as its organizational requirements.

source: CySEC

CySEC has given Triangleview a two-month deadline to rectify the deficiencies and take the necessary actions to comply with regulatory standards.

During the suspension period, Triangleview is prohibited from offering investment services or engaging in any business transactions. The company is also barred from accepting new clients and promoting itself as an investment services provider.

CySEC has allowed Triangleview to carry out limited activities, provided they align with the wishes of existing clients. These include completing all its own transactions and those of its clients that are before it, in accordance with client instructions, and returning all funds and financial instruments that are attributable to its clients.

Triangleview Investments Ltd obtained its CIF license in 2020 and operates the retail FX and CFDs brokerage brand 3angleFX. This is not the company’s first regulatory setback. CySEC previously fined Triangleview €50,000 in 2022 for failing to adequately safeguard client funds.

source: CySEC (Triangleview’s authorization information)

The suspension highlights CySEC’s continued efforts to enforce compliance and investor protection. It follows a similar move in late July, when the Commission fully suspended the CIF license of forex and CFD trading provider Conotoxia Ltd, over alleged breaches of regulatory obligations.