Regulatory Alerts2019-12-04
Decision Notice – Agavero Insurance Limited Licence Revocation
The Cayman Islands Monetary Authority has revoked Agavero Insurance Limited’s Class B (iii) Insurer Licence effective 29 November 2019. The regulator cited persistent breaches of the Insurance Law and Anti-Money Laundering Regulations, specifically regarding inadequate record-keeping, customer due diligence, and money laundering risk assessments. As a result, directors Douglas Ryan and Joseph Attias were found unfit to manage the licensee’s operations.
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