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06 August 2020
On 26 June 2020 the Monetary Authority (Administrative Fines) (Amendment) Regulations 2020 came into force.
The amendment amends Schedule 1 of the Monetary Authority (Administrative Fines) Regulations to extend the administrative fines regime beyond breaches of the Anti-money Laundering Regulations to a much broader spectrum of breaches under various Cayman regulatory laws, including the Banks and Trust Companies Law (collectively, the regulatory laws).
The amendment also authorises the Cayman Islands Monetary Authority (CIMA) under the regulations to issue administrative fines for breaches of various provisions of the regulatory laws and specifies which breaches CIMA will consider as minor, serious or very serious in nature.
Of particular interest to Cayman bank licensees will be how breaches of the Banks and Trust Companies Law will be treated under the regulations. By way of example, any breach:
Under the Monetary Authority Law, CIMA can issue administrative fines as follows:
Cayman bank licensees would be well advised to ensure that they are aware of their ongoing obligations under the regulatory laws to avoid any inadvertent breaches and any potential penalties under the regulations.
For further information on this topic please contact James Heinicke, James Lydeard or Cornelia Zhu at Ogier by email (firstname.lastname@example.org, email@example.com or firstname.lastname@example.org). The Ogier website can be accessed at www.ogier.com.
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