(Grand Cayman – Saturday, 30 September 2017) The Cayman Islands Monetary Authority (“CIMA” or “the Authority”) has been made aware by the Financial Crimes Unit (FCU) of the Royal Cayman Islands Police Service that they are in receipt of counterfeit KYD notes, which were collected during the period 26 – 29 September 2017.
The denominations in question are $25 and $100, all from the “D” series. The banknotes all bear the same serial number D/1194318 and D/145117 respectively. The FCU is currently investigating the incidents, and is advising the public to be on the lookout for such counterfeit notes.
The FCU has requested that, “If you receive a counterfeit note, or suspect one to be counterfeit, we ask that you observe the description of the person passing the note, as well as that of any companions that may accompany them. Do not return the note to the passer if possible. Instead, initial and date the white border of the note, then tag the note with a copy of the transaction receipt and call the police. If you have counterfeit report forms issued by the Financial Crimes Unit, obtain as much information as possible from the person passing the note and write it on the form.”
The “D” series banknotes were officially re-designed in 2010. Some of the aesthetic modifications in the new series and the other visible security features combine to make it relatively easy to tell the difference between Cayman Islands legal tender and counterfeit banknotes, if one looks closely. These features include a colour-shifting holographic stripe, see-through images, a turtle watermark and an iridescent band.
CIMA advises the public that it is not able to compensate persons who come in possession of counterfeit notes. This makes it even more important for the public to be vigilant when handling currency notes. As we approach the Pirates Week and Christmas holidays, the Authority also remind persons to be more alert as counterfeit activities tend to increase during these times.
The RCIPS form for reporting counterfeit money can be found on the CIMA website www.cima.ky, under “Currency”.
For further information about how to identify counterfeit currency, contact CIMA’s Currency Division at 244 1694/244 1520. Interested persons can contact CIMA’s Currency Division or the RCIPS Financial Crime Unit at 949-8797 to arrange a workshop for their front line staff.