CySEC Penalizes iTrade Global for AML Breaches, Initiates Liquidation of WAVENTURES RAIF

The Cyprus Securities and Exchange Commission (CySEC) has issued two separate regulatory announcements this week concerning enforcement action and the formal dissolution of a registered investment fund.

During a board meeting held in February 2025, CySEC decided to impose an administrative fine of €1,250 on the Cyprus Investment Firm (CIF) iTrade Global (CY) Ltd, citing violations of anti-money laundering and counter-terrorism financing regulations under the framework of Directive 157/2019, officially known as the Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing.

iTrade Global (CY) Ltd, which operates under Legal Entity Identifier (LEI) 213800S1DAWWOXFDGQ42, was found to be in breach of paragraphs 5(d) and 11 of the directive. CySEC explained in its official statement that the fine was a result of the company’s “non-compliance with specific provisions aimed at upholding anti-money laundering and counter-terrorism financing standards within the financial sector.”

In a separate regulatory update, CySEC also confirmed the initiation of a formal dissolution and liquidation process for the investment fund WAVENTURES RAIF F.C.I.C. PLC, a Registered Alternative Investment Fund (RAIF) managed by Hanseatic Capital Management Ltd.

According to the commission, the fund’s external manager notified CySEC of the start of the liquidation process, as per Article 138(7)(a) of the Alternative Investment Funds Law of 2018. WAVENTURES RAIF holds RAIF Registration Number RAIF154.

CySEC stated that the fund “will remain listed in the RAIFs Registry on its website,” and will carry the label “under liquidation” throughout the dissolution process. The regulator further clarified that, in accordance with Article 138(9) of the law, it “will remove the RAIF from the register once the dissolution and liquidation procedures have been completed and all required documentation has been submitted.”

These regulatory moves reflect CySEC’s continued focus on maintaining compliance standards within the financial services landscape—especially in areas relating to anti-money laundering obligations and the proper winding down of collective investment vehicles.

By fLEXI tEAM