Cayman Islands Monetary Authority Fines Blacktower (Cayman) Ltd. CI$85,043.84 (2025-09-29)

Summary

This is an enforcement notice in which the Cayman Islands Monetary Authority announces it has imposed discretionary administrative fines totalling CI$85,043.84 on Blacktower (Cayman) Ltd. for multiple breaches of the Anti-Money Laundering Regulations, identified during an onsite inspection. The notice is informational, reporting a completed enforcement action rather than creating new rules, but it details the specific AML control failures that led to the fine.

• Transaction scrutiny: Failed to scrutinise customer transactions against the customer's known business and risk profile, contravening Regulation 12(1)(e)(i) of the AMLRs.
• Record keeping: Did not retain records of transaction monitoring analysis results for at least five years after termination of the business relationship, contravening Regulation 31(1)(b).
• Transaction monitoring system: Failed to maintain a transaction monitoring system, contravening Regulation 5(a)(ix) of the AMLRs and Rule 4.1 of the Rule on Internal Controls, 2007.
• Enhanced due diligence: Failed to perform enhanced due diligence in instances of unusual or suspicious activity, as required by Regulation 17 and contravening Regulation 27(f) of the AMLRs.

CIMA uses the case to reiterate the general expectation that all licensees maintain effective, fully implemented AML/CFT/PF and sanctions policies, robust transaction monitoring, proper record keeping, and enhanced due diligence for unusual or suspicious activity, and states it will continue vigilant supervision and enforcement against breaches of the AMLRs.

Applies to

licensees, AML/CFT regulated entities