Counterfeit Notes Being Circulated (2019-06-21)

Summary

This is a public awareness notice issued jointly by CIMA and the Royal Cayman Islands Police Service (RCIPS) Financial Crime Unit, originally dated 10 June 2009 and republished on CIMA's website on 21 June 2019. It alerts the general public and businesses in the Cayman Islands that counterfeit Cayman Islands currency notes -- particularly CI$100, $25 and $10 notes -- were circulating, and provides guidance on identifying genuine notes and handling suspected counterfeit notes.

• Watermark: A turtle watermark.
• Metallic thread: Present in genuine notes.
• Foil stingray: Found on $50 notes.
• Hologram schooner: Found on $100 notes.
• Paper texture: A distinctive texture used as an authenticity check.

The notice is informational in nature rather than a binding regulatory instrument. It does not create new legal or licensing obligations for regulated entities, but it does contain practical advice directed at businesses (including, implicitly, cash-handling regulated entities) on vigilance and reporting procedures. It also clarifies that CIMA will not compensate holders of counterfeit notes.

Key obligations

• Business owners and members of the public are urged to examine banknotes carefully (watermark, metallic thread, foil/hologram features, paper texture) rather than relying solely on counterfeit detection pens
• If a counterfeit note is received or suspected, the recipient should not return it to the passer, should note the appearance of the person passing it and any companions, and should not attempt to apprehend the person
• Suspect notes should be tagged with a copy of the transaction receipt, placed in a protective covering (e.g. an envelope), and set aside for verification by the Financial Crime Unit rather than deposited with a bank
• Report suspected counterfeit notes to the police/Financial Crime Unit, using counterfeit report forms where available, and provide as much information as possible about the person who passed the note

Applies to

general public, business community