CAYMAN FINES Western International Trust Company Limited £426,000
15/01/2021
The Cayman Islands Monetary Authority issued a public notice on 22 December against Western International Trust Company Limited, which imposes a discretionary fine of
KYD 482,717.50 (£426,000) for breaching the country’s Anti-Money Laundering Regulations.
The compliance failings include:
- The failure to apply customer due diligence and enhanced due diligence measures;
- The failure to identify beneficial ownership;
- The failure to verify the source of funds;
- The failure to scrutinising transactions; and
- The failure to accurately consider all relevant risk factors.
Some of the compliance failings had been identified as part of a previous inspection, and the company had not adequately remediated them.
CIMA public notice:
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.