{"id":6696,"date":"2025-04-14T12:00:21","date_gmt":"2025-04-14T10:00:21","guid":{"rendered":"https:\/\/sahfy.net\/news\/?p=6696"},"modified":"2025-04-14T12:00:21","modified_gmt":"2025-04-14T10:00:21","slug":"adgms-fsra-imposes-fines-of-usd-8-85-million-on-hayvn-group-cancels-licence-of-ac-limited-hayvn-adgm-and-bans-founder-christopher-flinos","status":"publish","type":"post","link":"https:\/\/sahfy.net\/news\/?p=6696&lang=en","title":{"rendered":"ADGM\u2019s FSRA Imposes Fines of USD 8.85 Million on HAYVN Group, Cancels Licence of AC Limited Hayvn ADGM and Bans Founder Christopher Flinos"},"content":{"rendered":"<p><span style=\"font-weight: 400\">\u00a0The Financial Services Regulatory <\/span><a href=\"https:\/\/www.adgm.com\/registration-authority\/?_id=6045851EE0B24B5883FB0DD538B440F8&amp;_z=z\"><span style=\"font-weight: 400\">Authority (\u201cFSRA\u201d)<\/span><\/a><span style=\"font-weight: 400\"> of ADGM has taken enforcement action following an investigation into serious regulatory breaches and misconduct related to the Hayvn Group of Companies, which operated under the name \u2018HAYVN\u2019, its former CEO, Christopher Flinos and related entities.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The FSRA\u2019s investigation found serious breaches and misconduct concerning the operations of three related party companies and Christopher Flinos.\u00a0 As part of its investigation, the FSRA took steps to ensure that no ADGM client assets or money were lost as a result of the relevant misconduct.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The enforcement action has resulted in the cancellation of Hayvn ADGM\u2019s Financial Services Permission (\u201cFSP\u201d), the prohibition of Christopher Flinos indefinitely from performing any function in a financial services business in ADGM, as well as financial penalties totalling USD 8.85 million being imposed across the four parties involved.\u00a0 Details of the total fines imposed are as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>USD 3.6 million<\/b><span style=\"font-weight: 400\"> against AC Holding Limited registered in the Cayman Islands (\u201c<\/span><b>Hayvn\u00a0Cayman<\/b><span style=\"font-weight: 400\">\u201d), the parent company of a group of entities operating under the name \u2018<\/span><b>HAYVN<\/b><span style=\"font-weight: 400\">\u2019 that provided financial services related to Virtual Assets.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>USD 3 million<\/b><span style=\"font-weight: 400\"> against AC Limited (Hayvn) (\u201c<\/span><b>Hayvn ADGM<\/b><span style=\"font-weight: 400\">\u201d), an ADGM-based subsidiary of Hayvn Cayman, licensed and regulated by the FSRA to conduct specific financial services activities in relation to Virtual Assets.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>USD 1.5 million<\/b><span style=\"font-weight: 400\"> against AC Holding Limited (\u201c<\/span><b>AC Holding<\/b><span style=\"font-weight: 400\">\u201d), a Special Purpose Vehicle (\u201cSPV\u201d) registered with the Registration Authority (\u201cRA\u201d) of ADGM and not licensed by the FSRA to carry out any form of financial services activity in ADGM; unconnected to Hayvn Cayman and Hayvn ADGM.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>USD 750,000<\/b><span style=\"font-weight: 400\"> against <\/span><b>Christopher Flinos<\/b><span style=\"font-weight: 400\">, the former Senior Executive Officer (\u201cSEO\u201d) of Hayvn ADGM, Chief Executive Officer (\u201cCEO\u201d) of Hayvn Cayman, sole owner and director of AC Holding.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The serious breaches and misconduct identified during the FSRA investigation included the following:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400\"><b>Hayvn ADGM <\/b><span style=\"font-weight: 400\">exceeded the scope of its FSP by allowing client transactions to be routed through accounts held by AC Holding, the unregulated SPV entity registered in ADGM, without any appropriate protections being in place.\u00a0 It failed to establish and maintain adequate systems and controls to manage its operations and risks, as well as to recognise and record all of its client relationships, breaching the FSRA\u2019s Anti-Money Laundering (\u201cAML\u201d) requirements.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Hayvn Cayman<\/b><span style=\"font-weight: 400\"> and <\/span><b>AC Holding<\/b><span style=\"font-weight: 400\"> carried out significant unlicensed financial services activity in relation to Virtual Assets in ADGM from around October 2018 to around May 2024.\u00a0 Hayvn Cayman routed client transactions related to the conversion of Virtual Assets to fiat currency and vice versa through the accounts held and controlled by AC Holding, the SPV that was not licensed by the FSRA and therefore prohibited from conducting any form of financial services activity in ADGM.\u00a0 As a result, both Hayvn Cayman and AC Holding were found to have carried out unlicensed payments and arranging services in relation to Virtual Asset activities in ADGM.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Christopher Flinos<\/b><span style=\"font-weight: 400\"> played a central role in directing and controlling the unlicensed activity in ADGM and as SEO of Hayvn ADGM and CEO of Hayvn Cayman and as the sole director of AC Holding was found to have been centrally involved in the breaches and misconduct.\u00a0 Christopher Flinos lacked integrity and failed to take reasonable care to ensure that Hayvn ADGM operated in compliance with the applicable rules and regulations of ADGM, for which he was ultimately responsible as SEO.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Hayvn Cayman, AC Holding <\/b><span style=\"font-weight: 400\">and <\/span><b>Christopher Flinos<\/b><span style=\"font-weight: 400\"> created and disseminated false and misleading information about the nature of the transactions related to Virtual Assets routed through AC Holding\u2019s accounts.\u00a0 This included the provision of over 200 false and misleading documents on AC Holding letterheads to AC Holding\u2019s banking partners to open and then maintain the operation of these accounts.\u00a0 These documents were produced under the direction of Christopher Flinos with the involvement of both Hayvn Cayman and AC Holding.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Hayvn ADGM<\/b><span style=\"font-weight: 400\">, <\/span><b>Hayvn Cayman<\/b><span style=\"font-weight: 400\"> and <\/span><b>Christopher Flinos<\/b><span style=\"font-weight: 400\"> provided false and misleading information to the FSRA in response to requests for information including the nature and scope of the business operations associated with each entity above and specifically AC\u00a0Holding undermining the integrity of the regulatory process.\u00a0\u00a0<\/span><\/li>\n<\/ol>\n<p><b>Emmanuel Givanakis, CEO of the FSRA of ADGM,<\/b><span style=\"font-weight: 400\"> said<\/span><i><span style=\"font-weight: 400\">, \u201cThe FSRA will take robust and appropriate enforcement action against individuals and entities that violate our regulatory framework.\u00a0 In this case, 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.\u00a0 Furthermore, Christopher Flinos was found to have provided false and misleading information and statements during the investigation.\u00a0 Such misconduct will not be tolerated and warrants strong regulatory penalties which send a strong message of deterrence. \u201d<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400\">Givanakis added, \u201cTo address this serious misconduct, the licence of Hayvn ADGM 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.\u00a0 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.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400\">The FSRA of ADGM acknowledges and thanks ADGM\u2019s Registration Authority and the Cayman Islands Monetary Authority (\u201cCIMA\u201d) for their cooperation during its investigation in relation to this matter.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The final notices issued to each of the four identified parties can be found below:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/assets.adgm.com\/download\/assets\/Final+Notice_Hayvn+ADGM_+20250403_Redacted.pdf\/94a636a418ee11f08e59bafb14f73b5f\"><span style=\"font-weight: 400\">AC Limited (Hayvn) (\u201cHayvn ADGM\u201d)<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/assets.adgm.com\/download\/assets\/Final+Notice_Hayvn+Cayman_20250403_Redacted.pdf\/94bfc44818ee11f099e286008123441f\"><span style=\"font-weight: 400\">AC Holding Limited registered in the Cayman Islands (\u201cHayvn Cayman\u201d)<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/assets.adgm.com\/download\/assets\/Final+Notice_AC+Holding_20250403_Redacted.pdf\/8b7e1b8c18ee11f0a9dceef954f9adb0\"><span style=\"font-weight: 400\">AC Holding Limited (\u201cAC Holding\u201d)<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/assets.adgm.com\/download\/assets\/Final+Notice_Christopher+Flinos_20250403_Redacted.pdf\/94c579ba18ee11f0a3f0463d2b0378c9\"><span style=\"font-weight: 400\">Christopher Flinos<\/span> <\/a><span style=\"font-weight: 400\">\u00a0<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0The Financial Services Regulatory Authority (\u201cFSRA\u201d) of ADGM has taken enforcement action following an investigation into serious regulatory breaches and misconduct related to the Hayvn Group of Companies, which operated under the name \u2018HAYVN\u2019, its former CEO, Christopher Flinos and related entities.\u00a0\u00a0 The FSRA\u2019s investigation found serious breaches and misconduct concerning the operations of three [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[91,168,130,87,123,15,3716],"tags":[2678,2958,5975,15572,15570,15560,15556,15558,15568,15566,15562,15564,365],"class_list":["post-6696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arab-countries-en","category-country","category-featured-en","category-gcc-en","category-legal-and-regulatory","category-press-releases","category-uae","tag-abu-dhabi","tag-abu-dhabi-global-market","tag-adgm","tag-adgm-registration-authority","tag-christopher-flinos","tag-financial-penalties","tag-financial-services-regulatory-authority","tag-fsra","tag-hayvn","tag-hayvn-group","tag-licence-cancellation","tag-prohibition-from-function","tag-uae"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6.1 - 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