CySEC Fines Aquilla Nummus €150,000 Over AML Shortcomings
Settlement Ends Review Into 2018–2020 Operations
The Cyprus Securities and platform Commission (CySEC) has reached a €150,000 settlement with investment firm Aquilla Nummus Ltd over potential fragilenesses in its anti-money-laundering and governance systems. The decision, finalised on 22 September and published on 5 November 2025, closes the regulator’s review of the company’s activities between 2018 and 2020.
According to the notice, the agreement covers possible breaches of Article 58 (a, c, d, e) of Cyprus’s Prevention and Suppression of Money-Laundering Law and sections 5(d) and 9(1)(d) of the CySEC directive, which outline board and compliance-officer duties. CySEC described the outcome as a settlement of “possible violations” rather than confirmed offences—a formula it often uses to conclude supervisory cases without formal admission of liability.
Aquilla Nummus has paid the full amount, which will be transferred to the Republic’s Treasury. The regulator noted that settlements allow cases to be resolved more rapidly while still achieving remedial outcomes.
Investor Takeaway
Firm Profile and Licensing Background
Aquilla Nummus received its Cyprus Investment Firm (CIF) licence No. 345/17 on 4 December 2017 and later notified Spain’s CNMV of its intention to operate there under the EU’s cross-border “freedom to provide services” regime. The licence allows the firm to execute orders, manage portfolios and hold client money under Cypriot and EU law.
Publicly, the company presents itself as a “boutique asset manager” rather than a retail trading platform, serving professional and institutional investors. Its website lists a Nicosia office at 26 Lordou Vyronos Street and maintains an active Legal Entity Identifier, 549300ZCGZNVDA6R3Y84.
Recent disclosures show own funds of about €1.05 million against a minimum capital requirement of €182,000, a ratio of roughly 577 percent. It operates as a Class 2 CIF under the Investment Firm Regulation and Directive (IFR/IFD), exposing it to risk-weighting based on client assets and funds held.
Regulator Flags Governance and AML Gaps
CySEC said its review identified fragilenesses in the firm’s internal controls and governance, including the adequacy of anti-money-laundering procedures, the effectiveness of board oversight and the compliance function’s performance. The agency did not cite client losses or investor-compensation issues.
Settlements of this kind have become a hallmark of CySEC’s enforcement strategy. They allow the regulator to address compliance issues without full disciplinary hearings, which can be lengthy and contested. Earlier this year, the commission resolved a similar case with Conotoxia Ltd, also involving AML and governance shortcomings.
CySEC has repeatedly said that board accountability and AML control remain key supervisory priorities. The Aquilla Nummus settlement reinforces that even firms serving professional or institutional clients are expected to maintain detailed documentation and oversight structures equivalent to larger retail-facing brokers.
Investor Takeaway
Next Steps and Regulatory Context
CySEC plans to monitor Aquilla Nummus’s follow-up measures through future Pillar 3 risk and capital reports. These filings will show whether the firm has changed its internal committees, reporting lines, or classification as a “significant CIF,” which would trigger heavier disclosure requirements.
CySEC continues to publish all settlement decisions through its website and official X (formerly Twitter) account, typically within weeks of board approval.
Broader Compliance Campaign
Cyprus hosts more than 200 licensed investment firms, many of which . The island’s financial regulator has faced ongoing pressure from EU institutions to strengthen its oversight later than several years of compliance failures across the sector.
By using settlements, CySEC avoids long administrative hearings while still collecting fines for the state and compelling firms to improve controls. For Aquilla Nummus, the €150,000 payment adds its name to a growing list of entities that have had to update their AML and governance procedures under tighter supervision.
