Media Statement: Seven Mile Securities receives administrative penalty

By Published On: October 9, 2021Categories: News0 Comments

Seven Mile Securities, a Cayman Islands-based boutique broker dealer registered with Cayman Islands Monetary Authority (CIMA), announces that on 8 October 2021, CIMA issued to Seven Mile Securities formal notice of an administrative fine in the amount of CI$250,000 arising from breaches of specific statutory obligations under the Cayman Islands Anti-Money Laundering (AML) regulations.

 

The findings were the result of an onsite inspection, conducted on 12 August 2020 to 2 September 2020 based on Seven Miles Securities registration under Securities Investment Business Act as a Registered Person, commencing on 1 January 2020.

 

The breaches are administrative in nature and there is no suggestion that Seven Mile Securities has engaged in or facilitated its clients engaging in money laundering or fraudulent activities.

 

Seven Mile Securities is committed to operating with complete adherence to regulatory requirements and has implemented an expanded regulatory compliance function and corresponding internal business processes to ensure this.

 

For further information please contact info@sevenmilesecurities.com.

Media Statement: Seven Mile Securities receives administrative penalty

By Published On: October 9, 2021Categories: News0 Comments

Seven Mile Securities, a Cayman Islands-based boutique broker dealer registered with Cayman Islands Monetary Authority (CIMA), announces that on 8 October 2021, CIMA issued to Seven Mile Securities formal notice of an administrative fine in the amount of CI$250,000 arising from breaches of specific statutory obligations under the Cayman Islands Anti-Money Laundering (AML) regulations.

 

The findings were the result of an onsite inspection, conducted on 12 August 2020 to 2 September 2020 based on Seven Miles Securities registration under Securities Investment Business Act as a Registered Person, commencing on 1 January 2020.

 

The breaches are administrative in nature and there is no suggestion that Seven Mile Securities has engaged in or facilitated its clients engaging in money laundering or fraudulent activities.

 

Seven Mile Securities is committed to operating with complete adherence to regulatory requirements and has implemented an expanded regulatory compliance function and corresponding internal business processes to ensure this.

 

For further information please contact info@sevenmilesecurities.com.