The Cayman Islands Monetary Authority (CIMA) has notified Gilbert Pfaeffli, the director of Hinduja Bank & Trust (Cayman) Ltd., of multiple violations. The activities of the Bank have violated Cayman Islands’ Banks and Trust Companies Law as well as its Anti-Money Laundering Regulations (AMLRs) on multiple counts.
Firstly, all share-related changes in the bank require an approval from the CIMA, but the Bank breached this clause. Secondly, the Bank failed to maintain the minimum net worth of $400,000. Moreover, it did not submit its account audit documents for the years ending 2018 and 2019. The Banks and Trust Companies Law also requires the Bank to maintain at least two directors at all times, which it did not do. Additionally, it did not design an AML/CFT policy as required by the AMLRs. It also failed to appoint money laundering reporting officers.
Given these breaches, the Cayman Islands authorities have found Pfaeffli to be unfit to be a director of the Bank. The CIMA has also revoked the Bank’s category B banking license.
