The fine was imposed for the Company’s failure to comply with the following legislative requirements of the AMLRs:
Some of the findings represented failings of the Company to remediate similar findings from previous onsite inspections.
This case highlights the importance of licensees having in place effective anti-money laundering/countering the financing of terrorism/proliferation financing ("AML/CFT/PF") policies and procedures which are appropriate, effective and fully implemented to ensure compliance with the jurisdiction’s AML/CFT/PF and regulatory frameworks, thus avoiding the risk of entities being used as a conduits for money laundering, terrorist financing and any other financial crime.
The Authority is committed to enhancing the Cayman Islands‘ AML/CFT regime and through its on-site, off-site and other monitoring processes it will continue to exercise vigilance in that regard. We will also continue to treat breaches of the jurisdiction‘s AMLRs or regulatory acts with particular seriousness and take the appropriate enforcement or other actions where necessary.
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