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CAYMAN FINES Western International Trust Company Limited £426,000
15/01/2021
The Cayman Islands Monetary Authority issued a public notice on 22 December against Western International Trust Company Limited, which imposes a discretionary fine of
KYD 482,717.50 (£426,000) for breaching the country’s Anti-Money Laundering Regulations.
The compliance failings include:
- The failure to apply customer due diligence and enhanced due diligence measures;
- The failure to identify beneficial ownership;
- The failure to verify the source of funds;
- The failure to scrutinising transactions; and
- The failure to accurately consider all relevant risk factors.
Some of the compliance failings had been identified as part of a previous inspection, and the company had not adequately remediated them.
CIMA public notice:
General
