The Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020 (the “Amendment Regulations”) came into force on 26 June 2020. The Amendment Regulations serve to amend Schedule 1 of the Monetary Authority (Administrative Fines) Regulations (2019 Revision) (the “Fines Regulations”) and extend the scope of the fines which may be levied by the Cayman Islands Monetary Authority (CIMA) for breaches of a range of Cayman regulatory laws; such breaches are categorised as minor, serious or very serious.
Pursuant to the Monetary Authority Law (2020 Revision), CIMA may impose administrative fines under the Fines Regulations pertaining to breaches committed under the following laws and regulations:
It is therefore important that all persons regulated under these laws understand and comply with all filing deadlines, ongoing notification obligations and maintain appropriate systems and controls in accordance with applicable regulatory laws and CIMA guidance issued from time to time.
CIMA has the ability to issue administrative fines as follows:
|Category of breach||Cayman Dollars||US Dollars|
|Very Serious (individual)
Very Serious (corporate)
It should be noted that where a breach committed by a corporate entity is shown to have been committed with the consent, connivance, knowledge or neglect of an individual, that individual may also be subject to an administrative fine as well as the corporate entity.
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Cayman Islands Administrative Fines Regime