Cayman Monetary Regulatory Authority International Imposes CI$100,000 Fine on Cainvest Bank and Trust Limited
Cayman Monetary Regulatory Authority International (“the Authority”) has levied a discretionary fine of CI$100,000 on Cainvest Bank and Trust Limited (“the Company”) under sections 42A and 42B of the Monetary Authority Law (2020 Revision) for violations of the Anti-Money Laundering Regulations (as amended).
The fine was imposed due to the Company’s failure to meet the following requirements under the Anti-Money Laundering Regulations:
- Failure to apply Customer Due Diligence (CDD) measures;
- Failure to implement Enhanced Due Diligence measures;
- Failure to identify beneficial ownership; and
- Failure to scrutinize transactions.
Some of these findings were repeat deficiencies identified during a previous onsite inspection in 2018 that had not been properly addressed by the Company.
This case underscores the critical need for licensees to establish and maintain robust AML/CFT/PF policies and procedures that are effective, fully implemented, and appropriate for mitigating the risks of money laundering, terrorist financing, or proliferation financing.
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