Cayman Islands Monetary Authority

Year 1997Regulated by Government

The Cayman Islands Monetary Authority (CIMA)was established as a body corporate under the Monetary Authority Law on 1 January 1997. CIMA is created from the merger of the Financial Services Supervision Department of the Cayman Islands Government and the Cayman Islands Currency Board and it takes over the former responsibilities, duties and activities of these two bodies which include the issue and redemption of Cayman Islands currency and the management of currency reserves; the regulation and supervision of financial services, the monitoring of compliance with money laundering regulations, the issuance of a regulatory handbook on policies and procedures and the issuance of rules and statements of principle and guidance; the provision of assistance to overseas regulatory authorities, including the execution of memoranda of understanding to assist with consolidated supervision and the provision of advice to the Government on monetary, regulatory and cooperative matters.

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Disclosure summary
  • Disclosure matching Name matching
  • Disclosure time 2022-09-08
  • Reason for punishment breaches of the Anti-Money Laundering Regulations (2020 Revision)
Disclosure details

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

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