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Cayman Islands
SIX, Cricket Square
PO Box 10052
Grand Cayman KY1-1001
Cayman Islands
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Fraudulent YouTube Video

General Industry Notices
Date: Wed, 23 May 2018

The Cayman Islands Monetary Authority (“the Authority”) has become aware of a YouTube video with the title “Cayman monetary authority awards grants to customers” published by a user named “Channel One News”. .

The video is purporting that the “EFG bank Cayman” has been mandated by the Cayman Islands Monetary Authority and “United Nations Fund Monitoring” to “accord customers” named in the video to receive a grant to be able to have the financial capacity to finalise their various transactions. In addition, the video claims that an agreed percentage of the customers’ delayed funds will be released to customers within a few days. The video advises viewers (customers) to follow the process urgently which will help the effected customers to travel to Cayman next year January to meet with bank officials to process and claim the remaining funds. 

The Authority wishes to advise the public that the above mentioned video was not published or authorised by the Caymans Islands Monetary Authority and it appears to be a scam. 

Although the Authority regulates an entity called “EFG Bank”, the regulated entity is not the fraudulent entity named in the video mentioned above. 

Members of the public are advised not to follow the advice contained in the aforementioned video or communications received from individuals involved in this scam. In addition, the Authority recommends that members of the public forward any information or queries related to this scam to ContactCompliance@cimoney.com.ky.