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Cayman Islands Monetary Authority Fines ICC Intercertus Capital (Cayman) Ltd CI$116,680

Enforcement Notices
Date: Thu, 08 September 2022

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

The administrative fines were imposed for the Company's failure to comply with the legislative requirements of the AMLRs including the following:

  1. The application of Enhanced Customer Due Diligence measures;
  2. Failing to conduct adequate risk assessments;
  3. Failing to scrutinize transactions; and
  4. Failing to verify customer's identity using reliable independent source documents

The above findings were as a result of an onsite inspection. Similar failings were also identified during a previous inspection.

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 conduit for money laundering, terrorist financing and any other financial crime.

The Authority is committed to enhancing the Cayman Islands' AML/CFT/PF 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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