Trust company fined nearly $500,000 for AML failings

The Cayman Islands regulator has fined Western International Trust Company Limited $482,717 for breaches of anti-money laundering regulations (AMLRs).

In a notice on 22 Dec., the financial regulator said the fine was imposed for failing to apply customer due diligence and enhanced due diligence, as well as failing to identify beneficial owners, verify the source of funds, scrutinise transactions and consider all relevant risk factors.

Some of the findings represented failings of the company to remediate similar issues uncovered in previous on-site inspections.

CIMA said the case highlights the importance of licensees having in place appropriate and effective anti-money laundering policies to ensure compliance with Cayman’s regulatory framework.

The authority said it is committed to enhancing Cayman’s anti-money laundering regime and through on-site, off-site and other monitoring processes.

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