Been Promised Millions to Help Move Large Sums of Cash? It's a Scam! (2017-10-17)

Summary

This is a public consumer-alert notice issued by the Cayman Islands Monetary Authority (CIMA) in October 2017, warning the general public (not regulated entities) about advance-fee fraud schemes. Scammers send unsolicited emails asking recipients to help move large sums of money or act as 'next of kin' for a deceased person's funds, in exchange for a share of the money.

• The scam mechanism: Victims are told to open a fake bank 'account' and pay an 'activation fee' or minimum deposit to a fictitious institution, commonly one calling itself Mercury Bank and Trust Ltd Int'l.
• Forged documents: Fraudsters sometimes forge documents, including fake letters on counterfeit CIMA letterhead, to make the scheme appear legitimate.
• Licensing reminder: CIMA reminds the public that all banks operating in or from the Cayman Islands must be licensed.
• Verification resources: Readers are directed to CIMA's published list of unlicensed/unregistered entities using Cayman addresses, as well as its list of licensed banks, both available on CIMA's website.

This is purely an informational/warning notice aimed at consumers and members of the public, not a rule or requirement imposed on CIMA-regulated licensees. It asks the public to avoid responding to such scam correspondence and to report suspicious offers or fraudulent CIMA-branded correspondence to CIMA via a provided contact email. There are no ongoing compliance obligations created for regulated entities.