The Cayman Islands Monetary Authority has levied a fine of $579k on Western International Trust Company Limited due to violations of AML regulations under the territory’s Monetary Authority Act.
The company failed to comply with several requirements under the Act. For example, it failed to implement customer and enhanced due diligence measures. It also failed to identify beneficial ownership, verify funding sources and monitor suspicious transactions.
The authority further discovered that the company had failed to address similar issues that were identified during previous onsite inspections. Following the identification of Western’s failures, the authority has emphasized the importance of ensuring compliance with all its AML/CFT regulations.