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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Senior Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

CIMA now has the power to impose significant fines

The Cayman Islands Monetary Authority (CIMA) can now impose significant financial penalties for any breach of a regulatory law, regulation or CIMA rule, with the passing of the Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020.

CIMA previously had the power to impose fines for breaches of the Anti-Money Laundering Regulations, however, this new framework vastly expands the scope of CIMA’s reach, as CIMA’s powers to impose financial penalties now spans across 13 laws plus their respective regulations and CIMA rules.

The fines are scaled according to a three tier system, divided into breaches of a minor, serious and very serious nature. For individuals, the penalty ranges from US$6,100 for a minor breach to US$122,000 for a very serious breach. For entities, the penalty for a minor breach is the same, however, a very serious breach attracts a penalty of up to US$1,220,000. Where a minor breach continues, the penalty may be imposed multiple times up to a maximum of US$24,400.

Any person or entity that breaches any provision of a regulatory law can be fined by CIMA.

In particular, all entities that hold a licence issued by CIMA fall within the scope of CIMA’s new powers, as do those entities registered with CIMA as a Registered Person, a mutual fund or a private fund, those conducting "relevant financial business", and those persons or entities registered with CIMA as a director.

Please see our client alert for more details.