List of Fraudulent WebsitesEnforcement
The Authority has a range of enforcement tools available to help it meet its regulatory objectives. Where a licensee has failed to comply with the legislative requirements, it will often be appropriate to address this without further need for formal disciplinary or other enforcement action.
The Authority has issued guidelines on the steps that it will follow in the event of non-compliance by the licensee. These are the Ladder of Compliance guidelines which can be found under Section 3 of the Enforcement Manual.
This document describes the policies and procedures for the exercise of the enforcement actions available to the Authority in the event of non-compliance with the regulatory laws.
Investigating serious breaches of the regulatory laws, collecting pertinent information and documentation, and recommending enforcement actions are the responsibility of the Authority's Compliance Division.
In circumstances where the Authority takes formal enforcement action because the licensee contravenes the regulatory laws, the effective use of the enforcement powers will play an important role in supporting the Authority’s pursuit of its regulatory objectives. The Authority will seek to ensure the fair treatment of those who are subject to the exercise of its enforcement powers.
The Authority has also become aware of entities with websites that have given their contact addresses as being in the Cayman Islands. The entities listed in the document below are not licensed or registered to carry on activities regulated by the Cayman Islands Monetary Authority. Our inquiries also reveal that they are also not registered with the Cayman Islands Companies Registry.
The Authority would encourage people receiving any form of approach from these purported entities not to respond to them in any way.