Cayman Islands Monetary Authority Fines ICC Intercertus Capital (Cayman) Ltd CI$116,680 (2022-09-08)

Summary

This is an enforcement notice from CIMA announcing that it has imposed discretionary administrative fines totalling CI$116,680.00 on ICC Intercertus Capital (Cayman) Ltd for breaches of the Anti-Money Laundering Regulations. The fines followed an onsite inspection and were imposed under sections 42A and 42B of the Monetary Authority Act (2020 Revision).

• Enhanced due diligence: Failure to properly apply Enhanced Customer Due Diligence measures.
• Risk assessments: Failing to conduct adequate risk assessments.
• Transaction monitoring: Failing to scrutinize transactions.
• Identity verification: Failing to verify customers' identity using reliable independent source documents.

CIMA notes that similar failings had also been identified during a previous inspection, and uses the case to reiterate the importance of licensees maintaining effective, fully implemented AML/CFT/PF policies and procedures, and to signal continued vigilance and enforcement in this area.

Applies to

ICC Intercertus Capital (Cayman) Ltd (a CIMA licensee), AML/CFT regulated licensees generally