FXPRIMUS comments on revocation of Mauritius licenses
The Financial Services Commission (FSC) of Mauritius has earlier this week published a set of notices regarding retail Forex broker FXPRIMUS, including an announcement about the revocation of the company’s Investment Dealer (Currency Derivatives Segment) Licence, Investment Dealer (Full Service Dealer excluding Underwriting) Licence and Category 1 Global Business Licence.
The regulator said the licenses are revoked following their suspension in May 2015 and noted the broker breached:
- specific provisions provided under the FSA (Financial Services Act 2007);
- the Code on the Prevention of Money Laundering and Terrorist Financing;
- the licensing conditions attached to its licences.
The watchdog also issued a set of notices regarding FXPRIMUS employees.
- The above breaches happened during the tenure of Mr. Kaviraj Rookny as the Money Laundering Reporting Officer (MLRO) of the broker, so the regulator concluded that Mr. Kaviraj Rookny is not fit and proper to hold position as officer in a licensee of the FSC Mauritius. He has been disqualified from holding position as officer in any licensee of the FSC Mauritius for a period of two (2) years, with effect from March 25, 2016.
- Given that the breaches have been committed when Mr. Terry Thompson served as a director of FXPRIMUS, the regulator finds that Mr. Terry Thompson is not fit and proper to hold position as officer in a licensee of the FSC Mauritius. Mr. Terry Thompson has been disqualified from holding position as officer in any licensee of the FSC Mauritius for a period of five (5) years, with effect from 25 March 2016.
FXPRIMUS provided the following comment to LeapRate:
Concerning the present revocation by the FSC Mauritius of the already suspended license of the inactive Mauritius’ company (since May 2015), we would like to comment that:
The essence of this is no news as it has already been published last year;