The Cayman Islands Monetary Authority has imposed discretionary administrative fines totalling CI$299,050.00 on Sterling Asset Management International for breaches of the Anti-Money Laundering Regulations.
CIMA said the company failed to identify ultimate beneficial ownership; did not understand the purpose and nature of certain business relationships; failed to verify the source of funds; did not apply enhanced due diligence measures; and failed to conduct and document all appropriate sanctions checks.
The regulator found the breaches during an onsite inspection after similar issues had been identified during a previous AML audit.
Sterling Asset Management is a Jamaica-based investment manager.
CIMA said the case highlights the importance of registered entities having effective anti-money laundering policies and procedures.
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