Cayman Monetary Regulatory Authority International Issues CI$4,232,607 Fine to Intertrust Corporate Services (Cayman) Limited
The Cayman Monetary Regulatory Authority International (the "Authority") has levied discretionary administrative fines totalling CI$4,232,607.50 against Intertrust Corporate Services (Cayman) Limited (the "Company") under sections 42A and 42B of the Monetary Authority Act (2020 Revision), for breaches of the Anti-Money Laundering Regulations (2020 Revision) (the "AMLRs").
The fines were imposed due to the Company’s prolonged and widespread non-compliance with AMLR requirements, and its failure to address these significant breaches:
- Failure to apply customer due diligence measures;
- Failure to verify the source of funds;
- Failure to obtain documentation on the purpose and intended nature of business relationships;
- Failure to conduct adequate ongoing monitoring;
- Failure to identify beneficial ownership;
- Failure to properly assess all relevant risk factors.
These findings were based on an onsite inspection, with similar deficiencies noted during previous inspections.
This case underscores the critical need for licensees to implement robust and fully operational AML/CFT/PF policies and procedures to comply with the jurisdiction’s AML/CFT/PF framework and regulatory requirements. This prevents entities from being exploited for money laundering, terrorist financing, and other financial crimes.
The Authority remains dedicated to strengthening the Cayman Islands’ AML/CFT/PF framework. Through ongoing onsite, offsite, and other monitoring efforts, we will continue to maintain vigilance. The Authority will address breaches of the AMLRs or regulatory acts with the necessary enforcement measures.
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