(Grand Cayman - Friday, 14 December 2018) 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 a 100 KYD counterfeit note, which was discovered on Monday, 3 December 2018.
The banknote in question comes from the “C” series and bears the serial number C/1 527053. The FCU is currently investigating the incident, and is advising the public to be on the lookout for such counterfeit notes. As with all Cayman Islands banknotes, the “C” series has a security thread, a watermark and serial numbers. The “C” Series banknotes reflect changes to the issuing authority, from the Cayman Islands Currency Board to the Cayman Islands Monetary Authority, and the law under which the notes are issued and bears the signatures of the Financial Secretary and the Managing Director of the Cayman Islands Monetary Authority.
If anyone receives a counterfeit note, or suspect one to be forged, they are advised to observe the description of the person passing the note, as well as that of any persons with them. Do not return the note to the passer if possible. Instead, persons are asked to initial and date the white border of the note, then tag the note with a copy of the transaction receipt and call the police.
CIMA would like to once again remind 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, especially during the busy Christmas shopping season.
The RCIPS form for reporting counterfeit money can be found on the CIMA website www.cima.ky, under the “Currency” page.
For further information about how to identify counterfeit currency, contact CIMA at 244 1694/244 1520. Interested persons can also contact the RCIPS Financial Crime Unit at 949-8797 to arrange a workshop for their front line staff.