Cayman Islands Administrative Fines Regime

The Cayman Islands recently expanded its administrative fines regime, empowering the Cayman Islands Monetary Authority (CIMA) to impose administrative fines on partnerships and other unincorporated associations. In this briefing, we provide a brief overview of the Cayman Islands administrative fines regime (Regime), including who is in scope, the level of the fines that the Regime provides for, and the categories of breaches for which such fines may be imposed.

Background

The Regime came into force in December 2017 and granted CIMA the power, pursuant to the Monetary Authority Act (Revised) (MAA) and Monetary Authority (Administrative Fines) Regulations (Revised) (Administrative Fines Regulations), to impose administrative fines on persons (entities and individuals) for breaches of the Anti-Money Laundering Regulations (Revised) (AMLRs).