CySEC Suspends Publication of Certification Registers Amid Identity Fraud Concerns

The Cyprus Securities and Exchange Commission (CySEC) has announced that it is temporarily halting the publication of its Certification Registers and certification examination results following the discovery of identity fraud incidents involving these records.

According to the commission, certain individuals have been found unlawfully using the personal data of people listed in the Certification Registers or mentioned in the announcements of examination results, with the intent of deceiving and defrauding members of the public.

In a statement issued this week, CySEC emphasized that this decision was made as part of its responsibility to “safeguard investor protection and ensure the smooth functioning of the capital market.” The regulator confirmed that the suspension will remain in place while it takes steps to prevent further misuse of personal information.

The commission underscored the importance of certification within the financial services sector, explaining that “obtaining certification is a prerequisite for the employment of individuals in supervised entities that provide financial services, in accordance with the Directive for the Certification of Persons and the Certification Registers (Regulatory Administrative Act 44/2019).”

CySEC also issued a strong warning to investors, urging them to be vigilant when approached by individuals offering investment services. “CySEC urges investors, in any communication with third parties concerning investment activities, to verify in advance the entity for which the individual contacting them works for, and to confirm whether that entity is registered on CySEC’s website or with another competent supervisory authority,” the statement read.

Additionally, the commission advised the public to handle their personal data with great care. “Furthermore, CySEC advises the public to exercise particular caution when sharing personal information with third parties,” it stated.

In its concluding remarks, the regulator cautioned investors to be especially careful when engaging in financial transactions. It stressed that investors should “under no circumstances make any payments before confirming the identity of the entity with which they intend to engage in transactions.”

CySEC’s move highlights growing concerns about identity fraud within the financial services sector and reinforces the need for vigilance among investors and industry professionals alike. 

By fLEXI tEAM