CIMA Issues Warning for Advance Fee Frauds (2017-10-17)

Summary

This is a public warning notice issued by the Cayman Islands Monetary Authority (CIMA) alerting the general public, both locally and internationally, to advance-fee fraud schemes. It is a purely informational public warning rather than a regulatory rule or requirement imposed on licensed entities.

• Common scam tactics: Emails promising large sums of money in exchange for a 'refundable activation fee,' fake lottery winnings, and fraudsters falsely claiming to operate from the Cayman Islands using forged documents and fake addresses.
• Fictitious entities: CIMA has identified more than 40 fictitious entities falsely claiming Cayman Islands addresses that are not licensed or registered with the Authority, and references a published list of such entities available on its website.
• Law enforcement cooperation: CIMA notes its ongoing cooperation with local and international law enforcement, including a past joint investigation with the Royal Cayman Islands Police Service and the US Secret Service.

This document does not create any compliance obligations for regulated entities; it is aimed at warning members of the public not to respond to such fraudulent correspondence and to be cautious of entities falsely claiming CIMA licensing or Cayman Islands presence.