Be On Guard for Counterfeit Notes (2017-10-17)

Summary

This is a public awareness notice issued jointly by CIMA and the Royal Cayman Islands Police Service (RCIPS) Financial Crime Unit, warning that counterfeit US and Cayman Islands (CI) currency notes have been circulating and urging vigilance, particularly during the Christmas shopping season. It is aimed at the general public and the business community rather than at CIMA-regulated entities specifically.

The notice provides practical guidance on detecting counterfeit notes, such as checking paper texture. It also references a Forged Currency Reporting Form available on CIMA's website.

• Anyone who receives or suspects a counterfeit note should not return it to the passer.
• Note identifying details of the person and any companions.
• Initial and date the note.
• Tag the note with a copy of the transaction receipt.
• Preserve CCTV footage.
• Contact the police.

The notice reminds readers that knowingly holding or passing a counterfeit note is a criminal offence, and clarifies that CIMA cannot compensate anyone who ends up in possession of counterfeit currency. This is an informational/awareness notice with no formal regulatory filing or compliance regime attached.

Applies to

general public, business community