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CAYMAN FINES Western International Trust Company Limited £426,000


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:
  1. The failure to apply customer due diligence and enhanced due diligence measures;
  2. The failure to identify beneficial ownership;
  3. The failure to verify the source of funds;
  4. The failure to scrutinising transactions; and
  5. 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: