CAYMAN ISLANDS: CIMA FINES BANK CAINVEST $100,000

On 12 November, the Cayman Compass reported that the Cayman Islands Monetary Authority has fined Cainvest Bank and Trust Limited $100,000 for failings in the bank’s AML practices.  CIMA said it found instances where the bank had not applied customer due diligence and enhanced due diligence measures; it had not identified beneficial owners; and it had failed to scrutinise certain transactions. In some cases, the bank had not remediated similar findings from an onsite inspection carried out in 2018.

https://www.caymancompass.com/2020/11/12/cima-fines-bank-cainvest-100000/

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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