Hinduja Bank & Trust (Cayman) Ltd.

BY Email:

Dear M r. Pfaeffli,

Re:  Decision Notice - Hinduja Bank & Trust I Cayman  Ltd. (Liz. #iOO0 12) ("the Bank")

The Cayman Islands Monetary Authority (“the Authority”) writes to you in your capacity as sole Director of the Bank. We refer to the Warning Notice dated 21 January 2020.

1.  The Bank remains in breach of the Banks and Trust Companies Law (2020 Revision) (“the Law”) as follows
   1. Section 7(1) for failing to seek approval of the AuthoFity for the issue of shares, transfer of shares, or disposal of shares as it relates to the alleged or proposed sale of the Bank;
   2. Section 8(5) for repeatedly failing to maintain a net worth of not less than four hundred thousand dollars or its equivalent in other currencies;
   3. Sections 12(1) and 12(2) respectively for failing to prepare and submit audited accounts for the years ending December 2018 and 2019; and
   4. Sections 16(1) for failing to maintain a minimum of two Directors at all times.
2.  The Bank is also in breach of the Anti- Money Laundering Regulations (2020 Revision) (“AMLRs”) as follows:
   1. Regulation 8(2)(e) foF failing to prepare adequate AML/CFT Policies and Procedures; and
   2. Regulation 33(1) and (2) of the AMLRs for failing to appoint a Money Laundering Reporting Officer and Deputy Money Laundering Reporting Officer.