A financial institution was suspected by the United States Senate of being involved in money laundering, drug trafficking, and terrorist financing activities.
The local financial services regulator engaged KRyS Global as an independent examiner to inspect the Cayman licensee’s compliance with the applicable anti-money laundering and counter financing of terrorism laws and regulations.
KRyS Global focused its investigation on whether the licensee had appropriate and sufficient anti-money laundering policies and procedures and adequate “Know Your Customer” identification procedures.
Various issues arose during the inspection, including the fact that the documents were not in English and required translating, and that the foreign entity had concerns about the confidentiality of the documents.
KRyS Global was able to overcome these challenges and produce a comprehensive report for the regulator within the deadline imposed.
KRyS Global’s extensive knowledge and experience in the regulatory industry led to the production of a comprehensive report that assisted the local regulator in determining what steps it needed to take with respect to the licensee.