On 3 June, The Daily Pioneer reported that the Cayman Islands has cancelled the banking licence of the Geneva-based Hinduja Bank over charges of money laundering, saying that regulator Cayman Islands Monetary Authority (CIMA) had revoked the banking licence on 27 May for what is described as a string of AML and governance lapses.  Hinduja Bank was established in 1978 by the Hinduja Group. It became a Swiss-regulated bank in 1994 and operates subsidiaries in Chennai, Dubai, London, Mauritius, Paris and New York. In India, Hinduja Bank operates through its subsidiary IndusInd Bank.  The Hinduja Group controls their entire worldwide operations through holding companies in Mauritius.  It is said that CIMA found that Gilbert Pfaeffli, general director of Hinduja Bank, was “not a fit and proper person to hold the director position of a licensee, and that the bank also violated the mandatory provisions to have at least 2 directors at all times.



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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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