Home"A stitch in time saves the Fine” The new Administrative Fines Regime - What You Should Know
"A stitch in time saves the Fine” The new Administrative Fines Regime - What You Should Know
Ended November 15, 2017
Our Fall Seminar Series continues with two of CIMA's Senior Legal Counsels Menelik Miller and Angelina Partridge presenting on the Authority's new Administrative Fines Regime.
Under the proposed regulations, breaches of the provisions of the Anti-Money Laundering Regulations, 2017 (the "AML Regulations") are generally classified as 'serious' in nature and can incur a discretionary fine of CI$50,000 for individuals and CI$100,000 for body corporates, per breach. Additionally, imposition of an administrative fine will not necessarily preclude the possibility of separate prosecution under the AML Regulations.
The Administrative Fine Regime represents a significant addition to the Authority's arsenal and, as a result, has been the subject of much discussion. Bring your questions!
We think this topic will be of particular interest to our members, but all are welcome to attend.
Please direct any queries regarding this Seminar to .