| PT 2003-04-15 |
| According to reports, around 5% of Caymanian account holders have so far failed to provide the jurisdiction's banks with the due diligence documentation required under the updated Proceeds of Criminal Conduct Law, raising the question of what to do with accounts which are still not properly documented after the June 30 deadline.
The Cayman Net News service suggested on Monday that two possible courses of action are being considered for 'delinquent' accounts - the closing of the account and mailing of its contents in the form of a bank draft to the account holder, or the freezing of the account until the necessary documentation is provided. Account holders, who represent a mix of Caymanians, expat residents, and overseas citizens, have reportedly been generally compliant with the new rules, albeit reluctantly, and have provided banks with the required due diligence documentation - a passport or driving license, proof of their physical address, and an outline of their banking activities. |
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