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Advisory - Dissemination of Targeted Financial Sanctions Designation Updates

General Industry Notices
Date: Tue, 08 September 2020

Further to the Notice dated 7 February 2020, the Cayman Islands Monetary Authority (“CIMA” or “the Authority”) is advising of a new self-service feature to assist with the dissemination of targeted financial sanctions (“TFS”) designation updates (“DUs”). 

To promote awareness and compliance with TFS obligations, the Authority has been automatically disseminating DUs to registrants/licensees of persons or entities designated under international financial sanctions regimes, in accordance with the Consolidated List maintained by the Office of Financial Sanctions Implementation in the United Kingdom (“OFSI”)

CIMA has developed a new self-service feature within Regulatory Enhanced Electronic Forms Submission (“REEFS”) – titled REEFS: Alternative Contacts to allow registrants/licensees to add contact details to the list used for the dissemination of TFS DUs. This feature will also allow registrants/licensees to control and expand who receives the TFS DUs within their organisation. 

Guidance Notes for accessing and using this new feature is available on the Authority’s website.

Thank you for your cooperation in assisting to ensure that the jurisdiction remains compliant with international standards.

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