Tag: CIMA
Intertrust to pay $5M CIMA fine for AML failings
(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 […]
CIMA issues warning to ‘crafty’ offshore firm
(CNS): The Cayman Islands Monetary Authority warned the financial sector that these “are not normal times” in a statement that strongly criticised the Maples Group for issuing a press release about its judicial review application against the regulator. The increased scrutiny by CIMA comes as the jurisdiction fights to be removed from the current Financial […]
Intertrust fined $4.2M over AML failings
(CNS): One of Cayman’s leading corporate service firms has been fined more than CI$4.2 million for breaches of anti-money laundering regulations. CIMA said the fine was imposed because of the company’s “pervasive and protracted history of non-compliance” with AML rules and its failure to remediate the breaches. CIMA said Intertrust had failed to verify the […]
Maples files JR over CIMA’s new rules
(CNS): One of Cayman’s largest financial services and legal firms has filed an application for judicial review challenging how the Cayman Islands Monetary Authority (CIMA) is interpreting and applying certain provisions of the new Anti-Money Laundering Regulations that were implemented last year. The Maples Group said it is turning to the courts to determine how […]
Cash remittances fall over 40% during lockdown
(CNS): The closure of money transfer services during lockdown had a massive impact on the amount of cash that left the Cayman Islands during the second quarter of this year, CIMA has said. Well over US$26.6 million less went offshore during April, May and June than would normally be sent during that time of year, […]
More legislation planned to keep Cayman compliant
(CNS): After steering through two pieces of legislation in the most recent session of the Legislative Assembly to help keep Cayman’s offshore sector compliant and competitive, the financial services ministry is working on more new laws, which are expected to be debated in June. The Securities Investment Business (Amendment) Bill, 2019, which was published on […]
Securities expert returns to Cayman for CIMA job
(CNS): Gerald Halischuk is the new head of the Securities Supervision Division at the Cayman Islands Monetary Authority, effective Monday, 11 February, according to a CIMA release. Halischuk, who is Canadian, comes to Cayman from Anguilla, where he was the managing director of the Financial Commission there for four years. Halischuk has previously worked in the […]
OfReg and CIMA directors top pay of SAGCs
(CNS): A new report from the Office of the Auditor General has revealed significant disparities in how much staff, bosses and board directors are paid across statutory authorities and government companies (SAGCs). The report shows the board chairs of OfReg and CIMA are making $4,500 and $4,000 per month and their directors are also the highest […]
CIMA signs deal with American insurers group
(CNS): The Cayman Islands Monetary Authority has signed a memorandum of understanding with the National Association of Insurance Commissioners (NAIC) to help insurance supervisors in the United States and Cayman Islands coordinate on regulatory issues with the goal of efficient, fair, safe and stable insurance markets, a release from CIMA stated. The agreement encourages a […]
Top court confirms extent of CIMA’s powers
(CNS): The Cayman Islands Monetary Authority has said that a Privy Council decision last month has confirmed the regulator’s powers to compel non-licensee Cayman Islands registered firms to give up information on behalf of other overseas regulators under the authority’s 2018 Law. According to a press release from CIMA, the Judicial Committee of the London-based […]
Panton expecting busy time at helm of CIMA
(CNS): Wayne Panton, the former financial services minister who was recently appointed as chair of the Cayman Islands Monetary Authority Board, is expecting a busy time ahead, given the numerous international and local issues impacting the country’s financial services sector. The appointment of the retired off-shore lawyer was revealed in a recent government gazette, and […]
