Advisory - Dissemination of Targeted Financial Sanctions Designation Updates (2020-09-08)

Summary

This is a short advisory from the Cayman Islands Monetary Authority (CIMA) announcing a new self-service tool within its REEFS online portal called 'REEFS: Alternative Contacts.' The tool lets CIMA registrants and licensees add or update contact details used by CIMA to automatically disseminate targeted financial sanctions (TFS) designation updates (DUs), which are based on the UK Office of Financial Sanctions Implementation's Consolidated List of designated persons/entities.

The advisory follows up on an earlier notice from 7 February 2020 about CIMA's practice of automatically forwarding sanctions designation updates to regulated entities. It does not change any substantive AML/CFT sanctions screening obligations; it simply informs the industry of a new administrative feature that allows firms to expand or control which internal contacts receive these dissemination emails.

The document is purely informational in nature—it points readers to separately published Guidance Notes on using the REEFS Alternative Contacts feature but does not itself impose new compliance deadlines or mandatory filing requirements.

Applies to

registrants, licensees