Cayman Islands Monetary Authority Fines Lion Brokers Limited CI$261,990.72 (2022-02-18)

Summary

This is an enforcement notice in which CIMA announces it has imposed discretionary administrative fines totalling CI$261,990.72 on Lion Brokers Limited for breaches of the Anti-Money Laundering Regulations (2020 Revision), identified during an onsite inspection. It is informational, documenting a completed enforcement action rather than creating new rules.

• Legal basis: Fines imposed under sections 42A and 42B of the Monetary Authority Act (2020 Revision) for breaches of the AML Regulations (2020 Revision).
• Failures identified: Inadequate application of Enhanced Customer Due Diligence measures; failure to conduct adequate risk assessments; failure to conduct and document appropriate sanctions checks.
• Context: Findings arose from an onsite inspection, and similar failings had also been identified in a previous inspection.

CIMA uses the notice to reiterate that all licensees must maintain effective, appropriate and fully implemented AML/CFT/PF policies and procedures, and signals continued vigilance through onsite and offsite monitoring, with serious enforcement for breaches.

Applies to

licensees regulated under the Anti-Money Laundering Regulations, Lion Brokers Limited