Decision Notice - Hinduja Bank & Trust (Cayman) Ltd. (2020-05-28)

Summary

This is a Decision Notice issued by CIMA revoking the Category B Banking Licence of Hinduja Bank & Trust (Cayman) Ltd. (Lic. #100012), following a prior Warning Notice dated 21 January 2020. It sets out the specific statutory breaches found and confirms the licence revocation is effective 22 May 2020.

• Banks and Trust Companies Law breaches: Failing to obtain Authority approval for issue, transfer or disposal of shares (section 7(1)); repeatedly failing to maintain minimum net worth of US$400,000 (section 8(5)); failing to prepare and submit audited accounts for 2018 and 2019 (sections 12(1) and 12(2)); failing to maintain a minimum of two directors (section 16(1)).
• AML/CFT breaches: Failing to prepare adequate AML/CFT Policies and Procedures (Regulation 8(2)(e)); failing to appoint a Money Laundering Reporting Officer and Deputy MLRO (Regulation 33(1) and (2)).
• Regulatory action: CIMA revoked the Bank's Category B Banking licence under section 18(1)(i) of the Law, on the basis it was unable to meet its obligations, had contravened the Law and AMLRs, was not conducted in a fit and proper manner, and that its sole director was not a fit and proper person.

This notice is specific to Hinduja Bank & Trust (Cayman) Ltd. and its director and does not impose new general obligations on other licensees; it documents an individual enforcement outcome.

Applies to

banks, licensed banks (Category B)

Deadlines

• 22 May 2020: Effective date of CIMA's decision to revoke the Bank's Category B Banking licence