The Cayman Island Monetary Authority has imposed discretionary fines of $4.23 million on corporate services provider Intertrust for breaches of the Anti-Money Laundering Regulations.
It is the largest-ever penalty handed down by the financial regulator for AML failings.
The financial regulator said the fines are the result of Intertrust’s “pervasive and protracted history of non-compliance” with the AML regulations and the company’s failure to remediate significant breaches.
CIMA said the breaches concerned the application of customer due diligence measures, the failure to verify the source of funds and to obtain documentation on the purpose and nature of business relationships.
The regulator also noted the failure to identify beneficial owners, to perform ongoing monitoring and to consider all relevant risk factors.
If you want to gather more information, you can access the original post, published by Caiman compass.
- AI Act y reconocimiento facial: cómo afecta a las cámaras con IA en tu empresa
- La Comisión Europea pide explicaciones a Eslovaquia por querer eliminar la oficina de protección a denunciantes
- La fiscalía suiza presenta cargos contra Credit Suisse y UBS por presunto blanqueo
- La FCA reprende al Instituto de Contables Certificados por fallos en supervisión antilavado
- McGrath advierte que más reformas del RGPD podrían poner en riesgo la privacidad
- La UE incluye a Rusia en su lista de vigilancia antilavado