The Cayman Island Monetary Authority has imposed discretionary fines of $4.23 million on corporate services provider Intertrust for breaches of Anti-Money Laundering Regulations. CIMA said the breaches concerned the application of customer due diligence measures, the failure to verify the source of funds and to obtain documentation on the purpose and nature of business relationships among others. With offshore regulators actively pursuing enforcement action, Financial Institutions with offshore operations should ensure customer due diligence procedures are robust and reviewed frequently.
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