Cayman IslandsThe Cayman Islands issued the Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020, as published in the country’s Legislation Gazette No. 47, which revises proscribed penalties for serious regulatory breaches.
The Cayman Islands Financial Reporting Authority published its annual report, highlighting the regulator’s efforts to combat financial crimes, such as money laundering and use of criminal proceeds.
China fines BNP Paribas for AML lapses, Cayman revokes Hinduja Bank’s license amid compliance breaches, and more, in the midweek roundup.
FinCEN appoints first-ever digital innovation officer, investors sue former Danske CEO for $400 million, and more, in the weekly roundup.
Midweek Roundup: China Fines Lenders for AML Lapses, UAE Probes Habib Bank, and More
Cayman Islands Knocked for Financial Secrecy, Blacklisted as Tax Haven
The Cayman Islands Monetary Authority issued a decision revoking the full mutual fund administrators license of the George Town, Cayman Islands-based company based on its breach of the Anti-Money Laundering Regulations (2020 Revision) and other failures.
The Cayman Islands Monetary Authority revoked the banking and trust license of the Cayman Island-based institution, Hinduja Bank & Trust (Cayman) Limited, for breaching the Banks and Trust Companies Law and Anti-Money Laundering Regulations.
| Technical | Effectiveness |
|---|---|
| Compliant : 12 | High : 0 |
| Largely Compliant : 15 | Substantial : 0 |
| Partially Compliant : 13 | Moderate : 6 |
| Non-Compliant : 0 | Low : 5 |
| Rank : N/A |
| Score : N/A |
| Rank : N/A |
| Score : N/A |
| Rank : 1/133 |
| Score : 76/100 |