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Cainvest fined $120,000 in Caymans for anti-money laundering failures

( November 12, 2020, 15:57 GMT | Official Statement) -- MLex Summary: Cainvest Bank and Trust has been fined 100,000 Cayman dollars ($120,000) for breaching anti-money laundering regulations, the Cayman Islands Monetary Authority said today. The fine also represents the bank's failure to "remediate similar deficiencies identified during a previous onsite inspection conducted by the authority in 2018," it said. The penalty follows a commitment that the territory made in October 2019 to implement a public beneficial ownership register for companies, to stem the flow of illicit finance.Statement follows,...

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