Cayman Monetary Regulatory Authority International Imposes CI$482,717.50 Fine on Western International Trust Company Limited

The Cayman Monetary Regulatory Authority International (“the Authority”) has issued a discretionary fine amounting to CI$482,717.50 on Western International Trust Company Limited (“the Company”) under sections 42A and 42B of the Monetary Authority Act (2020 Revision) for breaches of the Anti-Money Laundering Regulations (as amended) (“the AMLRs”).

The fine was imposed due to the Company’s non-compliance with the following AMLR requirements:

1. The application of Customer Due Diligence measures;
2. The application of Enhanced Due Diligence measures;
3. Failure to identify beneficial ownership;
4. Failure to verify the source of funds;
5. Failure to scrutinize transactions; and
6. Failure to properly assess all relevant risk factors.

Some of these issues were previously identified during earlier onsite inspections and had not been sufficiently addressed by the Company.

This case underscores the critical importance of licensees having in place effective anti-money laundering, counter-terrorism financing, and proliferation financing (“AML/CFT/PF”) policies and procedures that are appropriate, effective, and fully implemented to ensure compliance with the jurisdiction’s regulatory frameworks. This helps prevent entities from being exploited for money laundering, terrorist financing, or other financial crimes.

The Authority remains fully committed to strengthening the Cayman Islands’ AML/CFT regime. Through its ongoing onsite, offsite, and other monitoring activities, it will continue to maintain rigorous oversight. Any breaches of the jurisdiction’s AMLRs or related regulatory acts will be treated with the utmost seriousness, and the necessary enforcement actions will be taken.