(CNS): Intertrust has agreed to pay $5 million to the Cayman Islands Monetary Authority after the courts dismissed its appeal against an administrative fine of over $4.23 million for its failure to meet anti-money laundering regulations. According to a document posted on the Grand Court website last week, the offshore legal and financial services firm has agreed to pay the fine, the largest ever collected by CIMA, and more than $767,000 in legal fees for costs.

The fine was imposed by CIMA in May 2021 but legal wrangling had stretched out the case. The Grand Court dismissed the appeal against the fine in June 2021 and ordered the parties to sort out costs. The latest filing shows that Intertrust has signed an agreement to pay the significant fine as well as most of CIMA’s costs.

CIMA had contended that there was a “pervasive and protracted history of non-compliance” at the firm regarding specific obligations under AML rules. It identified six violations relating to due diligence measures on the original notice, which the regulators said had been discovered during an on-site inspection.

At the time Intertrust said it was appealing because it related to historical issues that it was already working with CIMA to address.

“The breaches alleged are administrative in nature and there is no suggestion that Intertrust has engaged in or facilitated its clients engaging in money laundering activities,” the firm said at the time.