Fraudulent YouTube Video (2018-05-23)

Summary

This is a public fraud alert issued by the Cayman Islands Monetary Authority (CIMA) warning about a fraudulent YouTube video circulating under the title "Cayman monetary authority awards grants to customers," posted by a user called "Channel One News." The video falsely claims that "EFG Bank Cayman," supposedly acting under a mandate from CIMA and a "United Nations Fund Monitoring" body, is authorized to award grants to customers to help them finalize delayed financial transactions, and urges viewers to travel to Cayman the following January to meet bank officials and claim funds.

• Not authorized: CIMA did not publish or authorize this video and states that it appears to be a scam.
• Distinct entity: CIMA does regulate a legitimate entity called "EFG Bank," but that entity is distinct from the fraudulent entity referenced in the video.
• Nature of notice: This notice is purely informational, aimed at warning the general public rather than imposing requirements on regulated entities.

The notice advises members of the public not to follow instructions in the video or related communications from individuals involved in the scam, and encourages anyone with information or questions to contact CIMA's compliance email address.