The Cayman Islands Monetary Authority (CIMA) has imposed discretionary administrative fines totalling $116,680 on ICC Intercertus Capital (Cayman) Ltd for breaches of the Anti-Money Laundering Regulations.
The regulator said the company had failed to apply enhanced customer due diligence, had not conducted adequate risk assessments, nor scrutinised transactions, and failed “to verify customer’s identity using reliable independent source documents”.
The findings came after an onsite inspection, which followed a previous inspection that had found similar failings.
The company trades as EverFx, an international online broker that provides retail and institutional investors with access to investments in stock, foreign exchange, digital assets and commodities.
Earlier this year, ICC lntercertus Capital Limited in Cyprus paid EUR100,000 to settle with the Cyprus Securities and Exchange Commission over possible violations of a European Union directive restricting the marketing, distribution and sales of contracts for difference (CFDs) to retail clients.
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