Cayman Islands Monetary Authority Fines Cainvest Bank and Trust Limited CI$100,000 (2020-11-10)

Summary

This is a CIMA enforcement notice announcing a discretionary administrative fine of CI$100,000 imposed on Cainvest Bank and Trust Limited for breaches of the Anti-Money Laundering Regulations, as amended. The fine was levied under sections 42A and 42B of the Monetary Authority Law (2020 Revision).

• CDD failures: Failure to apply required Customer Due Diligence measures.
• EDD failures: Failure to apply required Enhanced Due Diligence measures.
• Beneficial ownership: Failure to identify beneficial ownership of customers.
• Transaction monitoring: Failure to scrutinize transactions.
• Remediation failure: Some findings represented a failure to remediate similar issues identified in a 2018 onsite inspection.

The notice serves as a public reminder to licensees of the importance of having effective, appropriately implemented AML/CFT/proliferation financing policies and procedures to mitigate money laundering, terrorist financing and proliferation financing risk.

Applies to

banks, trust companies, licensees under the Anti-Money Laundering Regulations