Cayman Islands Monetary Authority Fines Western International Trust Company Limited CI$482,717.50 (2020-12-22)

Summary

This is an enforcement notice published by CIMA announcing that it has imposed a discretionary administrative fine of CI$482,717.50 on Western International Trust Company Limited. The fine relates to breaches of the Anti-Money Laundering Regulations discovered through onsite inspections, some of which were repeat findings the Company had failed to remediate from earlier inspections.

• Legal basis: Fine imposed under sections 42A and 42B of the Monetary Authority Act (2020 Revision) for breaches of the Anti-Money Laundering Regulations (as amended).
• Failures identified: Failure to apply Customer Due Diligence measures; failure to apply Enhanced Due Diligence measures; failure to identify beneficial ownership; failure to verify source of funds; failure to scrutinize transactions; and failure to accurately consider all relevant risk factors.
• Repeat findings: Some deficiencies were a continuation of previously identified inspection findings that the Company had not remediated.

The notice is informational, recording a completed enforcement action rather than imposing new ongoing obligations on other entities. CIMA uses the case to reiterate the general expectation that all licensees maintain effective, fully implemented AML/CFT/PF policies and procedures and to signal continued enforcement vigilance across its monitoring processes.

Applies to

trust companies, licensees under the Anti-Money Laundering Regulations