Update to Cayman Financial Sanctions Regime (2023-05-09)

Summary

This is a short notice from the Cayman Islands Monetary Authority (CIMA) informing financial service providers (FSPs) that the sanctions regime currently in force in the Cayman Islands has been updated. The notice does not detail the substance of the sanctions changes itself; instead it points FSPs to two sources for further information.

• Financial Reporting Authority website: provides a list of sanctions orders.
• Cayman Islands Gazette: contains the official, legally applicable sanctions orders.

The notice reminds FSPs that CIMA does not guarantee the accuracy or completeness of the list on the Financial Reporting Authority's website, and that responsibility rests with each FSP to keep track of changes to the sanctions regime and ensure ongoing compliance. This is essentially an awareness/informational notice rather than a new substantive rule, but it reinforces an existing continuing compliance obligation on regulated entities regarding sanctions screening and adherence.

Key obligations

• FSPs must stay abreast of any changes to the sanctions regime in force in the Cayman Islands
• FSPs must comply with the sanctions currently in force in the Cayman Islands, as published officially in the Cayman Islands Gazette

Applies to

financial service providers