Cayman Islands Monetary Authority Fines Intertrust Corporate Services (Cayman) Limited CI$4,232,607 (2021-05-13)

Summary

This is an enforcement notice from CIMA announcing that it has imposed discretionary administrative fines totalling CI$4,232,607.50 on Intertrust Corporate Services (Cayman) Limited under sections 42A and 42B of the Monetary Authority Act (2020 Revision) for breaches of the Anti-Money Laundering Regulations (2020 Revision).

The fines followed an onsite inspection that found a pervasive and protracted history of AML/CFT non-compliance which the Company failed to remediate, with similar failings also identified in earlier inspections.

• Customer due diligence: Deficient application of customer due diligence measures.
• Source of funds: Failure to verify source of funds.
• Business relationship purpose: Failure to obtain documentary evidence on the purpose and intended nature of business relationships.
• Ongoing monitoring: Failure to adequately perform ongoing monitoring.
• Beneficial ownership: Failure to identify beneficial ownership.
• Risk assessment: Failure to accurately consider all relevant risk factors.

CIMA uses the case to stress that licensees must maintain AML/CFT/PF policies and procedures that are appropriate, effective and fully implemented, and states it will continue to treat breaches of the AMLRs and other regulatory acts with particular seriousness through onsite, offsite and other monitoring.

Applies to

licensees regulated by CIMA, corporate services providers