(CMR) The Cayman Islands Monetary Authority has fined Intertrust Corporate Services (Cayman) Limited CI$4,232,607.50 for breaches of the Anti–Money Laundering Regulations.
The Monetary Authority said it imposed the discretionary administrative fines on Intertrust Corporate Services pursuant to the provisions of sections 42A and 42B of the Monetary Authority Act (2020 Revision) for breaches of the Anti–Money Laundering Regulations (2020 Revision).
The administrative fines were imposed for the Company‘s pervasive and protracted history of non–compliance with the requirements of the AMLRs and its failure to remediate significant breaches. There were breaches in the application of customer due diligence measures. The company also failed to verify source of funds and to obtain documentary evidence on the purpose and intended nature of business relationships.
Other breaches also include failing to adequately perform ongoing monitoring, failing to identify beneficial ownership, and failing to consider all relevant risk factors accurately.
The Authority said these findings were as a result of an onsite inspection and that similar failings were also identified during previous inspections.
It said this case highlights the importance of licensees having in place effective anti–money laundering/countering the financing of terrorism/proliferation financing (“AML/CFT/PF“) policies and procedures that are appropriate, effective, and fully implemented to ensure compliance with the jurisdiction‘s AML/CFT/PF and regulatory frameworks, thus avoiding the risk of entities being used as conduits for money laundering, terrorist financing, and any other financial crime.
The Monetary Authority said it is committed to enhancing the Cayman Islands‘ AML/CFT/PF regime, and through its on–site, off–site, and other monitoring processes, it will continue to exercise vigilance in that regard.
“We will also continue to treat breaches of the jurisdiction‘s AMLRs or regulatory acts with particular seriousness and take the appropriate enforcement or other actions where necessary,” the Authority stated.