Cayman Island Regulator Fined Offshore Broker EverFX For Money Laundering Issues!

The Cayman Islands Monetary Authority (CIMA) has fined ICC Intercertus Capital (Cayman) Ltd d/b/a EverFX $116,680 for breaches of the Anti-Money Laundering Regulations. The regulator said the company had failed to apply enhanced customer due diligence, had not conducted adequate risk assessments nor scrutinized transactions, and failed “to verify customer’s identity using reliable, independent source documents.” The EverFX offshore entity is part of Axios Holding, like the CySEC-regulated axiance.

Key Data

Regulatory Issues

ICC Intercertus Capital Ltd, a broker and liquidity provider regulated by CySEC under license number 301/16 d/b/a Axiance and Inflyx, settled with CySEC over possible regulatory violations of the Directive for the Restriction on the Marketing, Distribution, and Sale of CFDs to Retail Clients regarding the prohibition of participation in circumvention activities. The company has agreed to pay and has already paid the amount of €100.000.

The settlement relates to activities that took place two years ago. The ICC Group has already been sanctioned for this by the UK FCA and the German BaFin. In May 2021, the UK Financial Conduct Authority (FCA) banned the ICC Group and EverFX from offering regulated financial services in the UK. The German BaFin did so in 2020.

Terminated Offshore Activities

Until recently, the offshore entity Aerarium Limited in Seychelles, licensed by Seychelles Financial Services Authority (FSA) with license no SD036, operated the offshore activities of axiance via the domain https://www.axiance.com/int. However, this site no longer exists. Evidently, the termination of these offshore onboarding activities has been part of the CySEC settlement.

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