Latest news with #ChristopherFlinos
Gulf Insider
5 days ago
- Business
- Gulf Insider
UAE Fines 23 Companies Dh610,000 For Violating Global Tax Reporting Rules
The Financial Services Regulatory Authority (FSRA) of ADGM in Abu Dhabi on Monday announced Dh610,000 fine on 23 companies for violating reporting and tax regulations. The companies have been fined under the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022, which require entities to collect and report information on foreign account holders to help combat international tax evasion. The regulator added that action has been taken for compliance breaches and failures to submit risk assessments, required annual information returns, follow due diligence procedures, report information in a complete and accurate manner, and collect valid self-certification forms. The UAE entered into agreements with other countries for global tax transparency by facilitating the automatic exchange of financial account data between different jurisdictions. In April, FSRA imposed millions of dirhams fines on the Hayvn Group of Companies, its former CEO Christopher Flinos and related entities after an investigation found serious regulatory breaches and misconduct into regulatory breaches and misconduct. Emmanuel Givanakis, CEO of the FSRA at ADGM, said this decision reflects UAE's commitment to financial transparency and alignment with global commitments to information exchange. 'We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility,' said Givanakis. Earlier this month, the Registration Authority (RA) of ADGM joined the Enforcement Working Group (EWG) of the International Forum of Independent Audit Regulators (IFIAR), making it the only member in the group from the Middle Eastern region.
Zawya
15-04-2025
- Business
- Zawya
ADGM's FSRA imposes fines of $8.85mln on ‘HAYVN' Group
ABU DHABI: The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) announced the implementation of enforcement actions following an investigation into serious regulatory violations and misconduct related to the Hayvn Group of Companies, operating under the name 'HAYVN,' its former CEO Christopher Flinos, and related entities. The investigation conducted by the FSRA, according to a press release issued today by the Authority, concluded that there were serious violations and misconduct in the operations of three affiliated companies and the performance of Christopher Flinos. During the investigation, the FSRA took necessary steps to ensure that no ADGM client assets or funds were lost as a result of this misconduct. The enforcement actions included the cancellation of the Financial Services Permission (FSP) granted to 'Hayvn ADGM,' the indefinite prohibition of Christopher Flinos from performing any function in financial services within ADGM, and the imposition of financial penalties totalling US$8.85 million on the four parties involved. The fines imposed by the FSRA included US$3.6 million on AC Holding Limited, registered in the Cayman Islands under the name 'Hayvn Cayman,' the parent company of a group of entities operating under the name 'HAYVN' providing financial services related to virtual assets; and US$3 million on AC Limited (Hayvn ADGM), a subsidiary of Hayvn Cayman operating within ADGM, licenced and regulated by the FSRA to carry out specific financial services activities related to virtual assets; in addition to US$1.5 million on AC Holding Limited, a Special Purpose Vehicle (SPV) registered with the ADGM Registration Authority and not licenced by the FSRA to conduct any financial services in ADGM and not connected to Hayvn Cayman or Hayvn ADGM; and US$750,000 on Christopher Flinos, former CEO of Hayvn ADGM, CEO of Hayvn Cayman, and sole owner and director of AC Holding. The FSRA investigation identified serious violations and misconduct, including Hayvn ADGM exceeding the scope of its Financial Services Permission by allowing client transactions to be conducted through accounts held by AC Holding, an unregulated SPV registered in ADGM, without any appropriate safeguards. The company failed to establish and maintain adequate systems and controls to manage its operations and risks, as well as to identify and record all of its client relationships. Hayvn Cayman and AC Holding carried out significant unlicenced financial services activities related to virtual assets in ADGM between October 2018 and May 2024, where Hayvn Cayman processed client transactions involving the conversion of virtual assets to fiat currency and vice versa through accounts held and managed by AC Holding, an unlicenced SPV, thereby being prohibited from carrying out any financial services activities within ADGM. As a result, both Hayvn and AC Holding were found to have performed unlicenced payment and arranging services related to virtual asset activities in ADGM. According to the press release, Christopher Flinos played a key role in directing and managing the unlicenced activity in ADGM and was found primarily responsible for the violations and misconduct as the Senior Executive Officer of Hayvn ADGM, CEO of Hayvn Cayman, and the sole owner and director of AC Holding. He lacked integrity and failed to exercise due care to ensure that Hayvn ADGM operated in accordance with the rules and regulations in ADGM, for which he was responsible as the Senior Executive Officer of the company. According to the statement, Hayvn Cayman, AC Holding, and Christopher Flinos fabricated and published false and misleading information about the nature of the virtual asset transactions conducted through the accounts of AC Holding. This included the submission of more than 200 falsified and misleading documents using official letterhead of AC Holding to the company's banking partners to open and maintain these accounts, issued under the supervision of Christopher Flinos with the participation of Hayvn Cayman and AC Holding. Hayvn Cayman, AC Holding, and Christopher Flinos also provided false and misleading information to the FSRA in response to its inquiries regarding the nature and scope of the business operations of the entities mentioned above, particularly AC Holding, thereby undermining the integrity of the regulatory process. Emmanuel Givanakis, CEO of the FSRA of ADGM, said, 'The FSRA will take robust and appropriate enforcement action against individuals and entities that violate our regulatory framework. The actions of the entities and individuals in this case involved serious violations, including conducting unauthorised virtual asset activities through an unregulated entity within ADGM. Christopher Flinos was found to have provided false and misleading information during the investigation.' He added, 'To address this serious misconduct, Hayvn ADGM's licence has been cancelled, significant fines have been imposed on the entities involved, and Christopher Flinos has been prohibited from holding any functions in relation to financial services in ADGM. The FSRA remains ever-vigilant and committed to holding entities and individuals accountable for their actions and ensuring the integrity of the financial system in ADGM.'
Al Etihad
14-04-2025
- Business
- Al Etihad
ADGM's FSRA imposes fines of $8.85 million on ‘HAYVN' Group
14 Apr 2025 18:58 ABU DHABI (WAM)The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has announced the implementation of enforcement actions following an investigation into serious regulatory violations and misconduct related to the Hayvn Group of Companies, operating under the name 'HAYVN,' as well as its former CEO, Christopher Flinos, and related investigation conducted by the FSRA, according to a press release issued on Monday by ADGM, concluded that there were serious violations and misconduct in the operations of three affiliated companies and the performance of Christopher the investigation, the FSRA took the necessary steps to ensure that no ADGM client assets or funds were lost as a result of this misconduct. The enforcement actions included the cancellation of the Financial Services Permission (FSP) granted to 'Hayvn ADGM,' the indefinite prohibition of Christopher Flinos from performing any function in financial services within ADGM, and the imposition of financial penalties totalling $8.85 million on the four parties fines imposed by the FSRA included $3.6 million on AC Holding Limited, registered in the Cayman Islands under the name 'Hayvn Cayman,' the parent company of a group of entities operating under the name 'HAYVN' providing financial services related to virtual assets; and $3 million on AC Limited (Hayvn ADGM), a subsidiary of Hayvn Cayman operating within ADGM, licenced and regulated by the FSRA to carry out specific financial services activities related to virtual assets; in addition to $1.5 million on AC Holding Limited, a Special Purpose Vehicle (SPV) registered with the ADGM Registration Authority and not licenced by the FSRA to conduct any financial services in ADGM and not connected to Hayvn Cayman or Hayvn ADGM; and $750,000 on Christopher Flinos, former CEO of Hayvn ADGM, CEO of Hayvn Cayman, and sole owner and director of AC FSRA investigation identified serious violations and misconduct, including Hayvn ADGM exceeding the scope of its Financial Services Permission by allowing client transactions to be conducted through accounts held by AC Holding, an unregulated SPV registered in ADGM, without any appropriate company failed to establish and maintain adequate systems and controls to manage its operations and risks, as well as to identify and record all of its client Cayman and AC Holding carried out significant unlicenced financial services activities related to virtual assets in ADGM between October 2018 and May 2024, where Hayvn Cayman processed client transactions involving the conversion of virtual assets to fiat currency and vice versa through accounts held and managed by AC Holding, an unlicenced SPV, thereby being prohibited from carrying out any financial services activities within a result, both Hayvn and AC Holding were found to have performed unlicenced payments and arranging services related to virtual asset activities in to the press release, Christopher Flinos played a key role in directing and managing the unlicenced activity in ADGM and was found primarily responsible for the violations and misconduct as the Senior Executive Officer of Hayvn ADGM, CEO of Hayvn Cayman, and the sole owner and director of AC Holding. He lacked integrity and failed to exercise due care to ensure that Hayvn ADGM operated in accordance with the rules and regulations in ADGM, for which he was responsible as the Senior Executive Officer of the to the statement, Hayvn Cayman, AC Holding, and Christopher Flinos fabricated and published false and misleading information about the nature of the virtual asset transactions conducted through the accounts of AC Holding. This included the submission of more than 200 falsified and misleading documents using the official letterhead of AC Holding to the company's banking partners to open and maintain these accounts, issued under the supervision of Christopher Flinos with the participation of Hayvn Cayman and AC Cayman, AC Holding, and Christopher Flinos also provided false and misleading information to the FSRA in response to its inquiries regarding the nature and scope of the business operations of the entities mentioned above, particularly AC Holding, thereby undermining the integrity of the regulatory Givanakis, CEO of the FSRA of ADGM, said, 'The FSRA will take robust and appropriate enforcement action against individuals and entities that violate our regulatory framework. The actions of the entities and individuals in this case involved serious violations, including conducting unauthorised virtual asset activities through an unregulated entity within ADGM. Christopher Flinos was found to have provided false and misleading information during the investigation.' He added, 'To address this serious misconduct, Hayvn ADGM's licence has been cancelled, significant fines have been imposed on the entities involved, and Christopher Flinos has been prohibited from holding any functions in relation to financial services in ADGM. The FSRA remains ever-vigilant and committed to holding entities and individuals accountable for their actions and ensuring the integrity of the financial system in ADGM.'
Arabian Business
14-04-2025
- Business
- Arabian Business
Abu Dhabi Global Market
Abu Dhabi According to the RA, AC Holding exceeded the scope of its commercial license by acting as an investment company and offering financial services to clients Abu Dhabi Global Market The investigation resulted in the cancellation of Hayvn ADGM's Financial Services Permission, and an indefinite prohibition on former CEO Christopher Flinos Abu Dhabi PGIM's Global Data Centre Fund creates value through asset-level development joint ventures with leading data centre operators Abu Dhabi Global Market The US major, with around $63 billion in assets under management as of September 30, will join global asset managers and hedge funds in establishing a presence in ADGM Abu Dhabi Two connected towers on Al Maryah Island to offer 98,000 square metres of new Grade-A office space as demand soars in Abu Dhabi Abu Dhabi Global Market MERED expands into Abu Dhabi with Al Reem Island properties make most of ADGM ecosystem Abu Dhabi The financial hub now has 2,088 operating entities, including 231 financial services entities, a 31% increase compared to H1 2023 Abu Dhabi Global Market The UAE's 'responsive' regulatory environment for crypto serves as a model for other countries, experts say
Zawya
14-04-2025
- Business
- Zawya
Virtual assets platform Hayvn, related entities fined $12.4mln in Abu Dhabi ADGM crackdown
Abu Dhabi financial free zone regulators have imposed a total fine of $12 million on Hayvn Group, related entities and its former CEO for regulatory breaches. Fines totalling $8.85 million have been levied by Abu Dhabi Global Market's Financial Services Regulatory Authority (FSRA), while ADGM's Registration Authority (RA) has imposed fines of $3.6 million, the financial free zone said in separate statements on Monday. The former CEO Christopher Flinos has also been barred indefinitely from transacting business in ADGM. The actions of the entities and individuals involved were particularly serious, as they conducted unauthorised Virtual Asset activities through an unregulated entity based in ADGM, the statement said. Details of the fines imposed by FSRA, totalling $8.85 million: -$3.6 million against AC Holding Ltd. registered in the Cayman Islands, the parent company of a group of entities operating under the name 'Hayvn'. The entity that provided financial services related to virtual assets -$3 million against AC Limited (Hayvn), an ADGM-based subsidiary of Hayvn Cayman. It was licensed and regulated by the FSRA to conduct specific financial services activities in virtual assets -$1.5 million against AC Holding Limited, a special purpose vehicle registered with the Registration Authority of ADGM. It was not licensed by the FSRA to carry out any form of financial services activity in ADGM -$750,000 against Flinos, the former senior executive officer of Hayvn ADGM, CEO of Hayvn Cayman, sole owner and director of AC Holding Details of the fines imposed by RA, totalling $3.61 million: -$15,000 against AC Holding for exceeding the scope of its license in contravention of ADGM Commercial Licensing Regulations 2015 - $300,000 against AC Holding for filing false annual accounts about its balances with the RA and various fraudulent schemes in contravention of the ADGM Companies Regulations 2020 - $3.3 million against Christopher Flinos for providing false information to the RA, engaging in various fraudulent schemes and the falsification of company documents in contravention of the ADGM Companies Regulations 2020. (Writing by Brinda Darasha; editing by Seban Scaria)
