Sanctions Orders (2017-10-17)

Summary

This is a short general industry notice from CIMA announcing that it has updated the list of international Sanctions Orders applicable in the Cayman Islands. The list, covering UN and EU sanctions, is published as a PDF on the AML/CFT section of CIMA's website under "List of sanctions applicable in the Cayman Islands."

• Update frequency: CIMA states it will refresh this consolidated list every six months.
• Interim Orders: Any sanctions Orders extended to the Cayman Islands between these scheduled updates will instead be posted as Gazette notices under "General Notices" on CIMA's website as they are received.

The notice applies broadly to Financial Services Providers in the Cayman Islands, who are reminded that CIMA's published list is provided for convenience only and is not guaranteed to be accurate, complete, or fully up to date. Providers remain responsible for independently monitoring and complying with the sanctions actually in force, the official source for which is the Cayman Islands Gazette (obtainable from the Gazette Office).

No new substantive sanctions requirements are introduced by this notice itself; it is primarily informational, alerting the industry to where and how sanctions information is published and updated.

Key obligations

• Financial Services Providers must keep themselves updated on, and comply with, the sanctions in force in the Cayman Islands rather than relying solely on CIMA's published list.
• Financial Services Providers should consult official sanctions orders published in the Cayman Islands Gazette (via the Gazette Office) rather than treating CIMA's list as authoritative or complete.

Applies to

Financial Services Provider

Deadlines

• every six months: CIMA states it will update the consolidated sanctions list every six months.