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In
a regulatory growth, Quickbit Restricted, approved by the Gibraltar
Monetary Providers Fee (GFSC) as a Digital Asset Association Supplier,
is going through extreme penalties for contraventions of the Proceeds of Crime Act.
The GFSC, following an intensive investigation and onsite go to in February 2023,
has taken decisive motion in opposition to Quickbit for varied violations in key areas
of buyer due diligence.
The
GFSC Anti-Cash
Laundering and Counter Financing of Terrorism Supervision Workforce carried out an
intensive onsite examination at Quickbit in February 2023. The investigation
revealed a number of regulatory breaches in regards to the utility of Buyer Due
Diligence Measures (CDD), timing of verification, Enhanced CDD, Politically
Uncovered Individuals, and Danger Evaluation.
Regardless of
the identification of those deficiencies throughout the onsite go to, Quickbit
didn’t take satisfactory remedial measures, resulting in an escalation of the
regulatory actions in opposition to the corporate.
A
Resolution Discover has been formally issued by the GFSC, imposing the
cancellation of Quickbit’s registration underneath Regulation of the Proceeds of
Crime Act. This decisive transfer by the GFSC underscores the severity of the
recognized breaches.
The
cancellation of registration successfully restricts Quickbit’s capacity to
proceed its operations as a Digital
Asset Association Supplier. This regulatory motion has quick and
far-reaching penalties for Quickbit, impacting its standing within the monetary
business and probably affecting its relationships with purchasers and
stakeholders.
No fines for Quickbit Restricted following investigation in Gibraltar https://t.co/mrt5FPKTg6
— Cision Information (@CisionNews) January 3, 2024
Anticipation
and Decision of Buyer Data Deficiencies
In
an replace, Quickbit introduced the completion of the GFSC investigation into its
subsidiary. Whereas the investigation has led to the revocation of Quickbit’s
native registration in Gibraltar, the corporate is happy to report that no fines
will likely be imposed by the GFSC.
Daniel Sonesson, CEO of Quickbit, Supply: LinkedIn
This
follows Quickbit’s earlier disclosure that its subsidiary in Gibraltar was
underneath scrutiny for deficiencies in buyer data processes, particularly
referring to the native a part of operations carried out earlier than the beginning of 2023.
The potential for fines or related penalties was anticipated, however following the
GFSC’s choice, such measures won’t be carried out.
It
is noteworthy that Quickbit has not been actively working in Gibraltar because the
starting of 2023. Moreover, within the spring of the identical yr, the board of
the dad or mum firm made a strategic choice to shut down the enterprise and the
subsidiary in Gibraltar, citing a scarcity of operational and strategic benefits
in that jurisdiction. Consequently, the GFSC’s choice to revoke the native
registration doesn’t influence Quickbit’s ongoing operations.
Daniel
Sonesson, the CEO of Quickbit, remarked: “The investigation in Gibraltar has
consumed a big quantity of sources all through a lot of the yr and
delayed our technique of shutting down the subsidiary. I’m happy and relieved
with at present’s choice, which permits us to maneuver ahead with full focus. I’m
additionally pleased with the group that dealt with the matter with experience, securing the
absolute best final result for the group.”
In
a regulatory growth, Quickbit Restricted, approved by the Gibraltar
Monetary Providers Fee (GFSC) as a Digital Asset Association Supplier,
is going through extreme penalties for contraventions of the Proceeds of Crime Act.
The GFSC, following an intensive investigation and onsite go to in February 2023,
has taken decisive motion in opposition to Quickbit for varied violations in key areas
of buyer due diligence.
The
GFSC Anti-Cash
Laundering and Counter Financing of Terrorism Supervision Workforce carried out an
intensive onsite examination at Quickbit in February 2023. The investigation
revealed a number of regulatory breaches in regards to the utility of Buyer Due
Diligence Measures (CDD), timing of verification, Enhanced CDD, Politically
Uncovered Individuals, and Danger Evaluation.
Regardless of
the identification of those deficiencies throughout the onsite go to, Quickbit
didn’t take satisfactory remedial measures, resulting in an escalation of the
regulatory actions in opposition to the corporate.
A
Resolution Discover has been formally issued by the GFSC, imposing the
cancellation of Quickbit’s registration underneath Regulation of the Proceeds of
Crime Act. This decisive transfer by the GFSC underscores the severity of the
recognized breaches.
The
cancellation of registration successfully restricts Quickbit’s capacity to
proceed its operations as a Digital
Asset Association Supplier. This regulatory motion has quick and
far-reaching penalties for Quickbit, impacting its standing within the monetary
business and probably affecting its relationships with purchasers and
stakeholders.
No fines for Quickbit Restricted following investigation in Gibraltar https://t.co/mrt5FPKTg6
— Cision Information (@CisionNews) January 3, 2024
Anticipation
and Decision of Buyer Data Deficiencies
In
an replace, Quickbit introduced the completion of the GFSC investigation into its
subsidiary. Whereas the investigation has led to the revocation of Quickbit’s
native registration in Gibraltar, the corporate is happy to report that no fines
will likely be imposed by the GFSC.
Daniel Sonesson, CEO of Quickbit, Supply: LinkedIn
This
follows Quickbit’s earlier disclosure that its subsidiary in Gibraltar was
underneath scrutiny for deficiencies in buyer data processes, particularly
referring to the native a part of operations carried out earlier than the beginning of 2023.
The potential for fines or related penalties was anticipated, however following the
GFSC’s choice, such measures won’t be carried out.
It
is noteworthy that Quickbit has not been actively working in Gibraltar because the
starting of 2023. Moreover, within the spring of the identical yr, the board of
the dad or mum firm made a strategic choice to shut down the enterprise and the
subsidiary in Gibraltar, citing a scarcity of operational and strategic benefits
in that jurisdiction. Consequently, the GFSC’s choice to revoke the native
registration doesn’t influence Quickbit’s ongoing operations.
Daniel
Sonesson, the CEO of Quickbit, remarked: “The investigation in Gibraltar has
consumed a big quantity of sources all through a lot of the yr and
delayed our technique of shutting down the subsidiary. I’m happy and relieved
with at present’s choice, which permits us to maneuver ahead with full focus. I’m
additionally pleased with the group that dealt with the matter with experience, securing the
absolute best final result for the group.”
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