Cayman Monetary Regulatory Authority International Issues CI$116,680 Fine to ICC Intercertus Capital (Cayman) Ltd

The Cayman Monetary Regulatory Authority International (the "Authority") has imposed discretionary administrative fines amounting to CI$116,680.00 on ICC Intercertus Capital (Cayman) Ltd ("the Company") under sections 42A and 42B of the Monetary Authority Act (2020 Revision) for violations of the Anti-Money Laundering Regulations (2020 Revision) (as amended) ("the AMLRs").

The fines were levied due to the Company's failure to meet the following AMLRs requirements:

1. Implementing Enhanced Customer Due Diligence measures;
2. Conducting adequate risk assessments;
3. Properly scrutinizing transactions; and
4. Verifying customer identity using reliable independent documentation.

These deficiencies were uncovered during an onsite inspection, with similar issues identified in a previous review.

This situation underscores the necessity for licensees to establish effective and fully operational AML/CFT/PF (Anti-Money Laundering/Countering the Financing of Terrorism/Proliferation Financing) policies and procedures to ensure adherence to the jurisdiction’s regulatory frameworks and avoid exposure to money laundering, terrorist financing, and other financial crimes.

The Authority remains committed to strengthening the Cayman Islands' AML/CFT/PF system through vigilant onsite, offsite, and other monitoring practices. We will continue to address violations of the AMLRs or other regulatory acts with the appropriate seriousness and take enforcement actions as necessary.