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Special Alerts

SA-97-2008
April 22, 2008


TO: CHIEF EXECUTIVE OFFICER (also of interest to Security Officer)
SUBJECT: Entities Not Authorized by the Cayman Islands Monetary Authority
Summary: The Cayman Islands Monetary Authority has revised its list of entities that provide a Cayman Islands contact address, but are not licensed or registered to conduct business activities regulated by the Cayman Islands Monetary Authority.

On April 4, 2008, the Cayman Islands Monetary Authority (CIMA) published the attached list of financial entities that have Cayman Island addresses, but are neither registered nor licensed to undertake activities regulated by the CIMA. The notice also states that none of the entities has registered with the Cayman Islands Companies Registry.

These entities, or persons representing them, may be operating in the Cayman Islands offering banking or other financial services to individuals, businesses or financial institutions located in the United States. They may be violating provisions of the Banks and Trust Companies Law (revised 2003) or other regulations issued by the Cayman Islands government. They may also be conducting or facilitating unauthorized financial transactions in the United States. Any proposed transactions involving these entities should be viewed with extreme caution.

Any information about these entities may be forwarded to the FDIC's Cyber Fraud and Financial Crimes Section, 550 17th Street, N.W., Room F-4004, Washington, D.C. 20429, or transmitted electronically to alert@fdic.gov.

For your reference, FDIC Special Alerts may be accessed from the FDIC's website at http://www.fdic.gov/news/news/SpecialAlert/2008/index.html. To learn how to automatically receive FDIC Special Alerts through e-mail, please visit www.fdic.gov/about/subscriptions/index.html. This Special Alert replaces SA-55-2008.

  Sandra L. Thompson
  Director

Attachment: May be accessed from http://www.cimoney.com.ky/uploadedFiles/Regulatory_Framework/Compliance/Notices/
WebsiteswithCaymanAddressesNotRegisteredorLicensed.pdf
(PDF Help).

Distribution: FDIC-Supervised Banks (Commercial and Savings)

Note: Paper copies of FDIC Special Alerts may be obtained through the FDIC's Public Information Center, 1-877-275-3342 or 703-562-2200).




Last Updated 4/22/2008 communications@fdic.gov