The Cayman Islands Monetary Authority has revoked the licence of Advanced Fund Administration (Cayman) Ltd.
In a decision notice sent to director Peter Young, the regulator cited the company’s protracted history of non-compliance with the Mutual Funds Act.
The authority referred to a warning letter dated 21 Feb. 2022, stating the company remained in breach of a section of the act that requires certain fund administrators to have two directors as well as the requirement to maintain a minimum net worth position of $100,000.
In addition, the notice said, “upon review of the documents submitted to support the licence surrender request, the Authority noted that the Company was unable to satisfy the Authority’s requirements to accept the surrender”.
As reasons for the licence revocation, which took effect 10 May, the authority said the company was likely to be unable to meet its obligations, had contravened the act and was not managed in a fit and proper manner.
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