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.
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