Cainvest Bank clarifies CIMA fine for defunct line of business

“The Bank’s decision to exit from the Private Banking business is in line with our philosophy of
prioritising the highest standards of compliance. We remain committed to providing the very best
service to our clients.”

Cainbest Bank & Trust Limited

(CMR) Cainvest Bank and Trust Limited issued a public statement in regards to a discretionary fine issued by the Cayman Islands Monetary Authority.

In yesterday's article, it was disclosed that the managing director of the bank is politician Chris Saunders. CIMA alleged that the $100,000 fine was in relation to Anti-Money Laundering breachs.

The statement clarifies some points including that the fine related to its private banking business line which ceased to be operational back in  October 2019. It states:

“The Notice makes clear that the findings relate to an onsite inspection conducted in 2018. The Bank’s compliance function was, at that time, and is, independent from the Board as required by Cayman Islands Regulations.”

They also clarified that the personally responsible for compliance during that time is no longer with the Bank. The bank's compliance officer, Elaine Humphreys has been addressing the breaches brought to their attention since her employment began to “ensure that the bank is compliant with all relevant Cayman Islands Regulations.”.

The statement further clarified that it's Banking Representation and Digital Banking business lines are in good standing with the Authority and were not linked in any way to the now extinct private banking business.