Cainvest Bank fined by CIMA – MLA Chris Saunders Managing Director

(CMR) The Cayman Islands Monetary Authority has issued a public enforcement notice for CI$100,000 discretionary fine on Cainvest Bank and Trust Limited for breaches of the Anti-Money Laundering Regulations on November 10. The managing director of the company is Chris Saunders MLA for Bodden Town West it was revealed by independent sources.

The notice issued yesterday claims that the company has failed to comply with four requirements of the Anti-Money Laundering Regulations:

(1) The application of Customer Due Diligence (CCD) measures;
(2) The application of Enhance Due Diligence measures;
(3) Failing to identify beneficial ownership; and
(4) Failing to scrutinize transactions.

The notice also indicates that the company failed to “remediate similar findings from an onsite inspection” conducted some two years ago in 2018.

The company's address is listed at 103 South Church Street which is Harbour Place across from the local fish market. Their website shares that they are a “products of a successful acquisition and merger of three banks” namely Sul America International Bank, Interturst Bank and Sartley Bank and Trust.

Elaine Humphries, a  former employee of CIMA and Certified Anti-Money Laundering Specialist (“CAMS”) is the Chief Compliance Officer and MLCO of Cainvest Bank and Trust. The website claims that she has over 35 years of banking experience with over 22 in retail banking.

The bank also shared that they are a member of the Cayman Islands Compliance Association.

The Monetary Authority (Administrative Fines) (Amendment) (No. 2) Regulations, 2020 allows for fines at this level to be issued without the involvement at the board level of the authority.

Saunders a former Chief Financial Officer at HSBC Cayman Islands for 8 years and has worked in the telecommunications and financial service industry for most of his professional career. According to the website for the bank Saunders serves as the Managing Director of Cainvest. Saunders is a Certified Public Accountant with a B.B.A. in Public Accounting CPA from Pace University.

Serving his first time in political office, he currently sits on the Public Accounts Committee in the Legislative Assembly and is a member of the official opposition.

Saunders was contacted but had no comment.