The Cayman Islands Monetary Authority (CIMA) has levied a discretionary fine of CI$4,232,607.50 (over $5.08m) on Intertrust Corporate Services (Cayman) Ltd. (ICS) for AML violations.
ICS has a history of non-compliance with AML regulations and failure to address these issues. In an onsite inspection of the company, the CIMA identified several AML failures.
ICS failed to implement customer due diligence measures, verify sources of funds, gather evidence on the nature of business relationships with its clients. Moreover, the company failed to monitor transactions and identify beneficial ownership. It also did not heed all the risk factors related to its business operations.