FX Primus Limited License Suspended In Mauritius

On May 28, 2015, the Financial Services Commission (FSC) in Mauritius suspended the following licenses of FX Primus Limited:

  • Investment Dealer (Currency Derivatives Segment) License
  • Investment Dealer (Full Service Dealer excluding underwriting) License
  • Global Business License

The FSC charged that FX Primus Limited failed to comply with the Financial Services Act 2007 and comply with its licensing conditions. The FSC specifically noted that FX Primus Limited failed to comply with the Code on the Prevention of Money Laundering and Terrorist Financing.

The FSC wants to maintain the reputation of Mauritius as a desirable centre for financial services. It is one of the FSC's main goals to ensure that the financial services industry in Mauritius is not used for financing terrorism or for money laundering. As such, the code was put in place as part of a larger regulatory framework in Mauritius to strengthen measures against criminal activities. This larger regulatory framework was put in place to align with evolving international initiatives against money laundering and terrorist financing, including those of the international Financial Action Task Force (FATF).

Under the provisions of the Financial Services Act, FX Primus Limited can no longer carry out any business in Mauritius that is subject to licensing requirements. The company is still subject to all existing regulations.

FX Primus Limited is a retail forex dealer with their website now listing their offices in Cyprus as FX Primus Europe (CY) Ltd. The company is regulated by CySEC as FX Primus Europe (CY) Ltd with license number 261/14. It is also governed by the Markets in Financial Instruments Directive (MiFID) in the European Union. In 2014 the company website listed offices in Mauritius, New Zealand, China, United Kingdom and Peru. In the past, FXPRIMUS Pty Ltd. operated in Australia as an authorized representative of HLK Group Pty Ltd, but is no longer authorized to solicit clients in Australia. 

 

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Title: FX Primus Limited License Suspended In Mauritius
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