{"kind":"expression","expression":{"expr_id":"65","doc_id":"65","label":"2011 Revision","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/2010\/28\/eng@2011-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/2010\/28\", \"expression\": \"\/akn\/ky\/act\/2010\/28\/eng@2011-01-01\", \"manifestation\": \"\/akn\/ky\/act\/2010\/28\/eng@2011-01-01.pdf\"}, \"pdf\": {\"md5\": \"c440d9c589d0b825e0307df3679cab1e\", \"path\": \"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2010\/2010-0028\/2010-0028_2011 Revision.pdf\", \"pages\": 20, \"filename\": \"2010-0028_2011 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 6045, \"paragraph_count\": 19, \"text_char_count\": 37773}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Dormant Accounts Law (2011 Revision) DORMANT ACCOUNTS LAW (2011 Revision) ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Law may be cited as the Dormant Accounts Law (2011 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Interpretation 2. In this Law \u2014 \u201caccount holder\u201d means a person having a legal or beneficial interest in, or right (including any encumbrance) over, monies held or owed by an account provider; \u201caccount provider\u201d means \u2014 (a) a Class A insurer; (b) a bank; (c) a trust company; (d) a credit union; (e) a building society; or (f) any other type of financial institution which is declared to be an account provider pursuant to section 17A; \u201cbank\u201d means a person licensed to carry on banking business under the Banks and Trust Companies Law (2009 Revision); Dormant Accounts Law \u201cbuilding society\u201d has the same meaning as in the Cooperative Societies Law (2001 Revision); \u201cclaimant\u201d means a person making a claim under section 9; \u201cClass A insurer\u201d means an insurer holding a valid Class \u2018A\u2019 Insurer\u2019s Licence under the Insurance Law (2008 Revision); \u201ccomputer\u2019\u2019 includes a personal organizer or any other electronic means of information storage and retrieval; \u201ccredit union\u201d has the same meaning as in the Cooperative Societies Law (2001 Revision); \u201cdeposit for a fixed period\u201d means a deposit made with an account provider that, subject to any terms agreed between the account holder and the account provider in relation to continued reinvestment as a deposit, becomes due and payable after the expiry of a period of time agreed between the account holder and account provider; \u201cdormancy period\u201d means the period of seven years referred to in section 4(1); \u201cdormant account\u201d means a dormant account referred to in section 4(1); \u201cdormant account holder\u201d means a person having a legal or beneficial interest in, or right (including any encumbrance) over, monies deemed to be held in a dormant account pursuant to section 4(1); \u201cfinancial institution\u201d means a person carrying on financial services business; \u201cfinancial services business\u201d means financial services business as defined in the Monetary Authority Law (2011 Revision); \u201cinspector\u201d means a person authorized as such by the Monetary Authority under section 10; \u201clong term business\u201d has the same meaning as in the Insurance Law (2008 Revision); \u201cMinister\u201d means the Minister charged with responsibility for finance under section 54 of the Constitution [S.I. 2009\/1379]; \u201cMonetary Authority\u201d means the Cayman Islands Monetary Authority established under section 5 of the Monetary Authority Law (2011 Revision); \u201cmonies held or owed by an account provider\u201d means \u2014 (a) any sum payable with respect to any general deposit, demand deposit, savings deposit or deposit for a fixed period, made in the Islands with an account provider, together with any interest, but excluding any lawful charges thereon; (b) any sum payable on cheques certified in the Islands by an account provider; Dormant Accounts Law (2011 Revision) (c) the cash from, or proceeds of sale of precious metals and precious stones (excluding jewellery) from, safe deposit boxes upon which the lease or rental period has expired; (d) monies claimable or payable to an insured or specified beneficiary in relation to long term business carried on by a Class A insurer; and (e) the proceeds of any assets held under a trust by a trust company specifically established for the purposes of maintaining monies settled from dormant accounts except for any trusts created pursuant to section 153 of the Companies Law (2011 Revision); \u201cpolice officer\u201d means a police officer as defined in section 2 of the Police Law, 2010 [Law 36 of 2010]; \u201crecord\u201d means any book, document, or any other written or printed material in any form including \u2014 (a) any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form and that is capable of being reproduced in a legible form; and (b) all the electronic or other automatic means, if any, by which any such material or information is capable of being so reproduced and to which an account provider being inspected for the purposes of this Law, has access; and \u201ctrust company\u201d means a company licensed to carry on trust business under the Banks and Trust Companies Law (2009 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Application 3. This Law applies to a dormant account notwithstanding that the dormancy period commenced prior to the commencement of this Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Dormant accounts 4. (1) Subject to subsections (2) and (3), monies held or owed by an account provider shall be deemed to be held in a dormant account if the monies are due to be claimed but have not been claimed and the dormant account holder has not, within the seven years immediately preceding, effected any of the following transactions \u2014 (a) subject to subsection (4), increased or decreased the amount held or owed by the account provider; (b) presented the passbook or other record for the crediting of interest or dividends in respect of \u2014 (i) any sum payable with respect to any general deposit, demand deposit, savings deposit or deposit for a fixed period, made in the Islands with the account provider; or Dormant Accounts Law (ii) any sum payable on cheques certified in the Islands by the account provider; (c) corresponded in writing with the account provider concerning the monies; or (d) otherwise indicated an interest in the monies as evidenced in writing by the account provider. (2) Where monies are held or owed by an account provider for an account holder in more than one account, the monies shall not be deemed to be held in a dormant account if the account holder has, within the seven years immediately preceding, effected any of the transactions specified in subsection (1) through, or in relation to, any of the accounts. (3) Where the monies held or owed by an account provider is a deposit for a fixed period, the dormancy period shall not commence until the fixed period has expired. (4) Interest paid, or account fees applied, by an account provider on monies held or owed by the account provider shall not be regarded as a transaction which increases or decreases the amount held in the dormant account for the purposes of subsection (1)(a). (5) For the avoidance of doubt, where any transaction referred to in subsection (1) is effected prior to monies held or owed by an account provider being deemed to be held in a dormant account under that subsection, the dormancy period shall not commence until immediately after that transaction is effected.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Notification procedure 5. (1) Subject to section 6, except where a dormant account holder has been previously notified under this section in respect of the dormant account, an account provider, shall, on or before 31st July in each year, notify the dormant account holder, in writing, of the following \u2014 (a) the name and current address of the account provider and information regarding a change of name, if any, of the account provider since the opening of the dormant account; (b) that the dormant account to which the dormant account holder appears to be entitled is held by the account provider; (c) that if a transaction referred to in section 4(1) is not effected on the dormant account on or before 31st December next following, the monies held in the dormant account will be transferred to the Government without further notice to the dormant account holder; (d) that on the transfer of the monies held in the dormant account to the Government, and subject to this Law, the dormant account holder will no longer have any right against the account provider to repayment of the Dormant Accounts Law (2011 Revision) monies transferred, but that the dormant account holder will have, against the Government, such right to repayment of the monies transferred that the dormant account holder would have had against the account provider except that any right against the Government or claim arising under this Law shall be dealt with in accordance with section 9 of this Law and Part VIII of the Public Management and Finance Law (2010 Revision); and (e) any other matters that may be prescribed. (2) The notification referred to in subsection (1) shall be sent either by registered mail, courier service or by any method of communication specified in the account mandate, to the last known address of the dormant account holder. (3) An account provider that fails to notify a dormant account holder under this section commits an offence and is liable on summary conviction to a fine of twenty thousand dollars. (4) Nothing in this section shall prevent an account provider from re-activating an account (so that the monies held or owed in that account are no longer deemed to be held in a dormant account) where a person complies with a notification given under this section after the date specified in subsection (1)(c), but prior to the transfer referred to in section 7(1). (5) For the avoidance of doubt, notification to a dormant account holder under this section shall be given \u2014 (a) to the person who is the dormant account holder having the legal interest in the monies held or owed by the account provider; and (b) to the extent that the account provider is aware, and has contact details, of a person who has a beneficial interest or right (including any encumbrance) over the monies held or owed by the account provider, to the person who has that beneficial interest or right.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Publication of notice 6. (1) Where monies held or owed by an account provider are deemed to be held in a dormant account under section 4(1) and \u2014 (a) the account provider has been instructed by the dormant account holder not to correspond with or contact the dormant account holder; or (b) the account provider has taken all reasonable steps to notify the dormant account holder in writing in relation to the dormant account and has failed to make contact or receive a response from the dormant account holder, section 5 does not apply and, subject to subsections (2) and (3), the account provider shall publish a notice in the Gazette and, for dormant account holders resident in the Cayman Islands, in a daily newspaper circulating in the Islands, or, for dormant account holders not resident in the Cayman Islands, on the Dormant Accounts Law account provider\u2019s website or in a register held at the principal office of the account provider in the Cayman Islands. (2) A notice under subsection (1) shall be in the prescribed form and shall contain the following information \u2014 (a) the name and current address of the account provider and information regarding a change of name, if any, of the account provider since the opening of the dormant account; (b) that the account provider holds dormant accounts and the nature and type of such dormant accounts; (c) that if a transaction referred to in section 4(1) is not effected on a dormant account on or before 31 December next following, the monies in the dormant account will be transferred to the Government without further notice; (d) that any interested person should contact the account provider to establish if that person is a dormant account holder; (e) that on the transfer of the monies held in the dormant account to the Government and subject to this Law, the dormant account holder will no longer have any right against the account provider to repayment of the monies transferred, but that the dormant account holder will have, against the Government, such right to repayment of the monies transferred that the dormant account holder would have had against the account provider, except that any right against the Government or claim arising under this Law shall be dealt with in accordance with section 9 of this Law and Part VIII of the Public Management and Finance Law (2010 Revision); and (f) any additional information that may be prescribed. (3) A notice under subsection (1) shall be published on or before 31st July in each year. (4) Repealed by section 5 of the Dormant Accounts (Amendment) Law, 2010 [Law 41 of 2010]. (5) An account provider that publishes a notice under subsection (1) shall, on request, make available free of charge \u2014 (a) details of the current address of the account provider and any information regarding a change of name; and (b) subject to subsection (6), any other relevant information specified in the request. (6) Where the information referred to in subsection (5)(b) is otherwise made available to persons subject to a lawful charge, that information may be made available under this subsection subject to that charge. Dormant Accounts Law (2011 Revision) (7) Nothing in this section shall prevent an account provider from reactivating an account (so that the monies held or owed in that account are no longer deemed to be held in a dormant account) where a person complies with a notification given under this section after the date specified in subsection (2)(c) but before the date of the transfer referred to in section 7(1).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Transfer and vesting of monies in dormant accounts 7. (1) Subject to subsections (3) and (4) and sections 5(4), 6(7) and 15, if a transaction referred to in section 4(1) is not effected on a dormant account on or before the date specified in section 5(1)(c) or 6(2)(c), as the case may be, the account provider shall, not later than 31st March next following, transfer to the Government the monies held in the dormant account. (2) The monies, and any related rights and obligations, transferred to the Government from a dormant account by an account provider under subsection (1), shall, subject to section 9, vest in the Government. (3) An account provider that transfers monies from a dormant account to the Government under this section shall, at the time of the transfer, submit to the Minister and to the Monetary Authority, a report, in the prescribed form, specifying \u2014 (a) the total amount of monies transferred; (b) the total number of the dormant accounts; (c) the amount of each dormant account transferred; (d) (where known) the name, date of birth and last known address of each dormant account holder; and (e) any other details that would enable the dormant account holder to be identified. (4) The monies transferred from a dormant account to the Government under this section shall be the ledger balance on the date of transfer. (5) An account provider that does not hold any dormant accounts to which subsection (1) applies shall submit a report to that effect to the Minister and to the Monetary Authority, in writing, not later than 31st March in each year. (6) Subject to subsection (7), an account provider shall submit a certificate of compliance in the prescribed form to the Minister and to the Monetary Authority, not later than 31st March in each year, stating, if this is the case, that the account provider has complied with this Law in respect of the following \u2014 (a) the notification procedure under section 5 or the publication of a notice under section 6; (b) in the case of an account provider that holds dormant accounts to which subsection (1) applies, the transfer of monies from such dormant Dormant Accounts Law accounts to the Government under that subsection and the submission of a report to the Minister and the Monetary Authority under subsection (3); (c) in the case of an account provider that does not hold any dormant accounts to which subsection (1) applies, the submission of a report to that effect to the Minister and the Monetary Authority under subsection (5); and (d) the keeping and maintaining of a register in accordance with section 8. (7) A certificate of compliance under subsection (6) shall be signed by an authorized officer and shall include any qualifications, amplifications or explanations that the authorized officer considers appropriate. (8) An account provider that \u2014 (a) fails to transfer monies from a dormant account to the Government under this section; (b) fails to submit a report to the Monetary Authority or to the Minister under subsection (3) or (5); or (c) fails to submit a certificate of compliance under subsection (6), commits an offence and is liable on summary conviction to a fine of twenty thousand dollars. (9) Monies which an account provider fails to transfer from a dormant account to the Government under this section, together with any accrued interest thereon, shall be a debt due and owing by the account provider to the Government and may be recovered from the account provider in any court. (10) Except with the approval of the Monetary Authority, on such terms and conditions as the Monetary Authority may determine, a reduction in the amount of interest payable and charges in excess of those made in respect of comparable active accounts shall not be made by an account provider during the period of inactivity of a dormant account or at the time payment or transfer of the monies held in the dormant account is required. (11) In this section \u2014 \u201cauthorized officer\u201d means a person authorized in writing by the account provider; and \u201cledger balance\u201d means the monies in the dormant account on the date of transfer of those monies to the Government under this section together with any accrued interest thereon but excluding any charges that may lawfully be withheld by the account provider.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Register of dormant accounts 8. (1) Subject to subsections (2) and (3), an account provider shall keep and maintain a register of dormant accounts. Dormant Accounts Law (2011 Revision) (2) An account provider shall enter in the register kept under subsection (1), the following particulars in respect of dormant accounts from which, within the past six years, monies have been transferred to the Government under section 7 \u2014 (a) (where known) the name, date of birth and last known address of the dormant account holder and any other details which would enable the dormant account holder to be identified; (b) the dormant account number, if any; (c) if a notification was sent to the dormant account holder under section 5, the date on which and, if different from the address referred to in paragraph (a), the address to which, the notification was sent; (d) if a notice was published under section 6, the date on which the notice was published; (e) the date on which the monies were deemed to be held in a dormant account; (f) the date of the transfer of the monies to the Government and the amount transferred; and (g) any other matters that may be prescribed. (3) The register under subsection (1) may be kept in any form capable of being converted into a legible form and being used to make a legible copy or reproduction of any entry in the register. (4) Subject to subsection (5), the register kept under subsection (1) shall not be open to public inspection. (5) Nothing in subsection (4) shall be construed as restricting the right of a person, who proves to the satisfaction of an account provider that he is, or may be, a dormant account holder, to inspect the register kept under subsection (1) with regard to the dormant account concerned. (6) An account provider that fails to keep and maintain a register in accordance with this section commits an offence and is liable on summary conviction to a fine of ten thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Claims 9. (1) Where an account provider has transferred monies (and any related rights and obligations) from a dormant account to the Government under section 7, the monies vested in the Government shall be held as trust assets within the meaning of Part VIII of the Public Management and Finance Law (2010 Revision) and \u2014 (a) the dormant account holder no longer has any right against the account provider to repayment of the monies transferred and any other related Dormant Accounts Law rights and related obligations of the account provider are extinguished; and (b) the dormant account holder has, against the Government such right to repayment of the monies transferred and any other related rights and obligations as the dormant account holder would have had against the account provider, except that any right against the Government or claim arising under this section shall be dealt with in accordance with this section and Part VIII of the Public Management and Finance Law (2010 Revision). (2) A claim under subsection (1) shall be submitted to the Minister in writing signed by the claimant and shall be accompanied by the prescribed documents and information. (3) Where a claimant proves to the satisfaction of the Minister that he is the dormant account holder and the monies in the dormant account have been transferred to the Government under section 7, the claimant shall be provided with a statement of account and shall within twenty-eight days be paid by the Government, subject to the deduction of any charges that may lawfully be withheld, the total amount of the monies transferred to the Government under section 7. (4) The Government or an account provider shall not be liable for any interest on monies transferred to the Government by account provider under section 7. (5) A person aggrieved by a decision of the Minister under this section has a right of appeal against that decision to the Grand Court. (6) A person who fraudulently makes a claim for repayment under subsection (1) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Inspector 10. (1) The Monetary Authority may authorize a person to be an inspector for the purposes of \u2014 (a) ensuring compliance by an account provider with this Law; (b) ascertaining whether an account provider has established systems, procedures and practices that are adequate to secure an effective check on the identification, notification, transfer, recording and repayment of monies in dormant accounts; and (c) determining whether the systems, procedures and practices referred to in paragraph (b) have been employed and applied in an adequate manner in relation to monies in dormant accounts by an account provider. (2) An authorization under subsection (1) shall be in writing and shall be subject to any terms and conditions, including terms and conditions relating to Dormant Accounts Law (2011 Revision) remuneration, fees and allowances for expenses, that may be determined by the Monetary Authority, and that are specified in the authorization. (3) The authorization of an inspector under this section ceases when the Monetary Authority revokes the authorization in writing or where the authorization expires. (4) Subject to section 13, the Monetary Authority may give directions in relation to the form, manner and content of the report to be prepared by an inspector under section 12(1).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Inspection 11. (1) Subject to subsection (4), an inspector may, for the purposes specified in section 10 and on production of the authorization issued under section 10, at all reasonable times and on reasonable notice enter and search any premises of an account provider and may \u2014 (a) inspect and take copies of or extracts from, and make any enquiries that the inspector considers necessary in relation to, the following records kept by an account provider \u2014 (i) accounts held by the account provider; (ii) records of the transfer of monies to the Government under section 7; (iii) the register kept under section 8(1); (iv) any other records relating to the matters specified in subparagraphs (i) to (iv); and (v) any other records relating to dormant accounts; (b) where records are \u2014 (i) stored in electronic form, require the account provider or a person employed by the account provider to produce a written copy of those records; or (ii) not in the English language, require the account provider or a person employed by the account provider to produce a copy of those records in the English language; (c) require a person by whom or on whose behalf a computer is or has been used to produce or store records or any person having charge of, or otherwise concerned with the operation of, the computer to afford the inspector all reasonable assistance in relation to the computer; and (d) remove and retain the records referred to in this subsection for such period as may be reasonable for further inspection or until the conclusion of any legal proceedings, subject to a warrant being issued for that purpose by a magistrate under subsection (6). Dormant Accounts Law (2) A person who has in his power or possession any records referred to in subsection (1) shall \u2014 (a) produce them at the request of the inspector and permit the inspector to inspect and take copies of or extracts from them; (b) at the request of the inspector, give the inspector any information that the inspector may reasonably require in relation to any entries in those records and provide an explanation of any apparent omissions from them or any omission of a record required to be produced; and (c) give any other assistance and other information to the inspector that is reasonable in the circumstances. (3) The duty to produce or provide any record or information extends to an examiner, administrator, liquidator, receiver, official assignee or any person who is or has been an officer or employee or agent of an account provider or who appears to the inspector to have the information or record in his possession or under his control in relation to the dormant account. (4) For the purposes specified in section 10, an inspector shall not, except with the consent of the occupier, enter \u2014 (a) a dwelling; or (b) premises other than that of an account provider, unless the inspector has obtained a warrant issued by a magistrate under subsection (6) authorizing the entry. (5) Where an inspector considers it necessary, the inspector may be accompanied by a police officer when performing any powers conferred on the inspector under this section. (6) If a magistrate is satisfied, on the sworn information of an inspector, that there are reasonable grounds for suspecting that there is information required by an inspector under this section held on any premises or any part of any premises, the magistrate may issue a warrant authorizing the inspector, accompanied by a police officer, at any time within one month from the date of issue of the warrant, on production of the warrant if so requested, to enter the premises, and exercise all or any of the powers conferred on an inspector under this section or section 10. (7) For the purposes of carrying out inspections under this section, the inspector shall have access to \u2014 (a) all records kept by the Minister and the Monetary Authority in relation to the transfer of monies to the Government; and (b) the certificates of compliance furnished to the Minister and the Monetary Authority under section 7. (8) A person who \u2014 Dormant Accounts Law (2011 Revision) (a) obstructs an inspector in the exercise of a power under this section; (b) gives to an inspector information that the person knows is false or misleading; or (c) without reasonable excuse, fails to comply with a request or requirement made by an inspector under this section, commits an offence and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Report to Monetary Authority 12. (1) Where, following an inspection under section 11, the inspector is of the opinion that \u2014 (a) there is reason to believe that an account provider is in breach of any provision of this Law; or (b) there is a material defect in the systems, procedures and practices referred to in section 10(1)(b), the inspector shall prepare a report, in writing, and submit a copy of the report to the Monetary Authority. (2) Subject to subsection (3), a dormant account holder shall not be referred to in a report under subsection (1), otherwise than for the purposes of subsection (3), by name or in any manner by which the dormant account holder could be identified as a dormant account holder. (3) An inspector who, in the course of an inspection, obtains prima facie evidence of \u2014 (a) a possible underpayment or non-transfer of monies from a dormant account to the Government under section 7; or (b) a fraudulent claim for repayment under section 9, shall submit to the Monetary Authority particulars of the evidence and of the dormant account and dormant account holder concerned. (4) An inspector shall provide to the Monetary Authority any information and assistance that may reasonably be required by the Monetary Authority in respect of any matters relating to an inspection carried out under section 11 or for the purpose of clarifying any matter in the report under subsection (1).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Disclosure to the inspector 13. (1) Subject to section 12(2), any prohibition or restriction imposed by law, including any contract, in relation to the disclosure of information does not apply in relation to \u2014 (a) the disclosure of information in good faith to, or access to information by, an inspector for the purposes of his functions under this Law; or Dormant Accounts Law (b) any information that is contained in a report under section 12(1) and is information that in the inspector\u2019s opinion ought, in the public interest, to be so contained, and no liability shall attach to the person or account provider making the disclosure. (2) Nothing in this section or in section 12 compels the disclosure by any person of any information that the person would, in the opinion of any court, be entitled to refuse to produce on the grounds of legal professional privilege or authorizes the taking possession of any document containing such information that is in the person\u2019s possession.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Directions for compliance 14. (1) Without prejudice to any prosecution that might be brought under this Law, where a report under section 12(1) discloses particulars of \u2014 (a) non-compliance by an account provider with any provision of this Law; or (b) a material defect referred to in section 12(1)(b), the Monetary Authority may, as soon as practicable after receiving the report, give, by notice in writing, directions to the account provider aimed at ensuring compliance or rectification of the material defect, as the case may be, subject to any terms and conditions that the Monetary Authority may specify in the directions. (2) An account provider that fails to comply with a direction given under subsection (1) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars. (3) It is a defence to a prosecution under subsection (2) for the account provider to prove that a direction given under subsection (1) was unreasonable having regard to \u2014 (a) the scope and terms of the provision of this Law that, in the opinion of the inspector, the account provider has breached; or (b) the nature and consequences of the alleged material defect.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Regulations for disclosure 15. (1) The Governor in Cabinet, in the interests of consumer protection and the proper and orderly regulation of account providers, may, for statistical purposes only, make regulations providing for the disclosure of the information specified in subsection (2) \u2014 (a) to the persons and subject to the conditions, including the payment of charges by the person seeking the information, that the Minister may determine; and Dormant Accounts Law (2011 Revision) (b) in a form that the information cannot be directly or indirectly related to an identifiable person. (2) The information referred to in subsection (1) is \u2014 (a) prescribed information from the register kept under section 8; (b) details of the classes of dormant accounts; and (c) the number of dormant accounts in each class.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Immunity 16. (1) The Monetary Authority, a director, an inspector or an employee of the Authority shall not be liable in damages for anything done or omitted in the discharge or purported discharge of their respective duties or functions under this Law unless it is shown that the act or omission was in bad faith. (2) An account provider, a director, an officer or an employee of an account provider shall not be liable in damages for anything done or omitted in the discharge or purported discharge of their respective duties or functions under this Law unless it is shown that the act or omission was in bad faith.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Liability of directors etc. where an offence is committed by a body corporate 17. (1) Where a body corporate commits an offence under this Law, every director or other officer concerned in the management of the body corporate commits that offence unless the director, officer or employee proves that the offence was committed without his consent or connivance or that he exercised reasonable diligence to prevent the commission of the offence. (2) In subsection (1), \u201cdirector\u201d in relation to a body corporate whose affairs are managed by its members, means a member of the body corporate. 17A. Declaration by Governor in Cabinet of account provider 17A. The Governor in Cabinet may by Order published in the Gazette declare any type of financial institution to be an account provider where the Governor in Cabinet deems it to be in the national interest.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Regulations 18. The Governor in Cabinet may make regulations prescribing all matters that are required or permitted under this Law to be prescribed, or are necessary or convenient to be prescribed for giving effect to the purposes of this Law. Dormant Accounts Law Publication in consolidated and revised form authorised by the Governor in Cabinet this 18th day of October, 2011. Kim Bullings Clerk of Cabinet\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2011_01_01\", \"date\": \"2011-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2011_01_01\", \"timeInterval\": 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\"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/2010\/28\/eng@2011-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/2010\/28\/eng@2011-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Dormant Accounts Act\", \"actNumber\": \"28 of 2010\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nDORMANT ACCOUNTS LAW\n\n(2011 Revision)\nSupplement No. 12 published with Gazette No. 22 of 24th October, 2011.\n\nPage 2\nRevised as at 31st day of July, 2011\nc\n\nPUBLISHING DETAILS\nLaw 28 of 2010 consolidated with Law 41 of 2010.\n\nRevised under the authority of the Law Revision Law (1999 Revision).\n\nOriginally enacted -\n\n        Law 28 of 2010-12th July, 2010\n        Law 41 of 2010-6th December, 2010.\n\nConsolidated and revised this 31st day of July, 2011.\n\nDormant Accounts Law (2011 Revision)\nArrangement of Sections\n\nc\nRevised as at 31st day of July, 2011\nPage 3\n\nCAYMAN ISLANDS\n\nDORMANT ACCOUNTS LAW\n(2011 Revision)\nArrangement of Sections\nSection\nPage\n1.\nShort title ...................................................................................................................................5\n2.\nInterpretation .............................................................................................................................5\n3.\nApplication .................................................................................................................................7\n4.\nDormant accounts......................................................................................................................7\n5.\nNotification procedure ................................................................................................................8\n6.\nPublication of notice ...................................................................................................................9\n7.\nTransfer and vesting of monies in dormant accounts ............................................................... 11\n8.\nRegister of dormant accounts .................................................................................................. 12\n9.\nClaims ..................................................................................................................................... 13\n10.\nInspector .................................................................................................................................. 14\n11.\nInspection ................................................................................................................................ 15\n12.\nReport to Monetary Authority ................................................................................................... 17\n13.\nDisclosure to the inspector ....................................................................................................... 17\n14.\nDirections for compliance ......................................................................................................... 18\n15.\nRegulations for disclosure ........................................................................................................ 18\n16.\nImmunity .................................................................................................................................. 19\n17.\nLiability of directors etc. where an offence is committed by a body corporate ........................... 19\n17A. Declaration by Governor in Cabinet of account provider .......................................................... 19\n18.\nRegulations ............................................................................................................................. 19\n\nDormant Accounts Law (2011 Revision)\nSection 1\n\nc\nRevised as at 31st day of July, 2011\nPage 5\n\nCAYMAN ISLANDS\n\nDORMANT ACCOUNTS LAW\n(2011 Revision)\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Law may be cited as the Dormant Accounts Law (2011 Revision).\n2.\nInterpretation\n2.\nIn this Law \u2014\n\u201caccount holder\u201d means a person having a legal or beneficial interest in, or\nright (including any encumbrance) over, monies held or owed by an account\nprovider;\n\u201caccount provider\u201d means \u2014\n(a)\na Class A insurer;\n(b) a bank;\n(c)\na trust company;\n(d) a credit union;\n(e)\na building society; or\n(f)\nany other type of financial institution which is declared to be an account\nprovider pursuant to section 17A;\n\u201cbank\u201d means a person licensed to carry on banking business under the Banks\nand Trust Companies Law (2009 Revision);\n\nSection 2\nDormant Accounts Law\n\nPage 6\nRevised as at 31st day of July, 2011\nc\n\n\u201cbuilding society\u201d has the same meaning as in the Cooperative Societies Law\n(2001 Revision);\n\u201cclaimant\u201d means a person making a claim under section 9;\n\u201cClass A insurer\u201d means an insurer holding a valid Class \u2018A\u2019 Insurer\u2019s\nLicence under the Insurance Law (2008 Revision);\n\u201ccomputer\u2019\u2019 includes a personal organizer or any other electronic means of\ninformation storage and retrieval;\n\u201ccredit union\u201d has the same meaning as in the Cooperative Societies Law\n(2001 Revision);\n\u201cdeposit for a fixed period\u201d means a deposit made with an account provider\nthat, subject to any terms agreed between the account holder and the account\nprovider in relation to continued reinvestment as a deposit, becomes due and\npayable after the expiry of a period of time agreed between the account holder\nand account provider;\n\u201cdormancy period\u201d means the period of seven years referred to in\nsection 4(1);\n\u201cdormant account\u201d means a dormant account referred to in section 4(1);\n\u201cdormant account holder\u201d means a person having a legal or beneficial\ninterest in, or right (including any encumbrance) over, monies deemed to be\nheld in a dormant account pursuant to section 4(1);\n\u201cfinancial institution\u201d means a person carrying on financial services business;\n\u201cfinancial services business\u201d means financial services business as defined in\nthe Monetary Authority Law (2011 Revision);\n\u201cinspector\u201d means a person authorized as such by the Monetary Authority\nunder section 10;\n\u201clong term business\u201d has the same meaning as in the Insurance Law (2008\nRevision);\n\u201cMinister\u201d means the Minister charged with responsibility for finance under\nsection 54 of the Constitution [S.I. 2009\/1379];\n\u201cMonetary Authority\u201d means the Cayman Islands Monetary Authority\nestablished under section 5 of the Monetary Authority Law (2011 Revision);\n\u201cmonies held or owed by an account provider\u201d means \u2014\n(a)\nany sum payable with respect to any general deposit, demand deposit,\nsavings deposit or deposit for a fixed period, made in the Islands with an\naccount provider, together with any interest, but excluding any lawful\ncharges thereon;\n(b) any sum payable on cheques certified in the Islands by an account\nprovider;\n\nDormant Accounts Law (2011 Revision)\nSection 3\n\nc\nRevised as at 31st day of July, 2011\nPage 7\n\n(c)\nthe cash from, or proceeds of sale of precious metals and precious stones\n(excluding jewellery) from, safe deposit boxes upon which the lease or\nrental period has expired;\n(d) monies claimable or payable to an insured or specified beneficiary in\nrelation to long term business carried on by a Class A insurer; and\n(e)\nthe proceeds of any assets held under a trust by a trust company\nspecifically established for the purposes of maintaining monies settled\nfrom dormant accounts except for any trusts created pursuant to\nsection 153 of the Companies Law (2011 Revision);\n\u201cpolice officer\u201d means a police officer as defined in section 2 of the Police\nLaw, 2010 [Law 36 of 2010];\n\u201crecord\u201d means any book, document, or any other written or printed material\nin any form including \u2014\n(a)\nany information stored, maintained or preserved by means of any\nmechanical or electronic device, whether or not stored, maintained or\npreserved in a legible form and that is capable of being reproduced in a\nlegible form; and\n(b) all the electronic or other automatic means, if any, by which any such\nmaterial or information is capable of being so reproduced and to which\nan account provider being inspected for the purposes of this Law, has\naccess; and\n\u201ctrust company\u201d means a company licensed to carry on trust business under\nthe Banks and Trust Companies Law (2009 Revision).\n3.\nApplication\n3.\nThis Law applies to a dormant account notwithstanding that the dormancy period\ncommenced prior to the commencement of this Law.\n4.\nDormant accounts\n4.\n(1) Subject to subsections (2) and (3), monies held or owed by an account\nprovider shall be deemed to be held in a dormant account if the monies are due\nto be claimed but have not been claimed and the dormant account holder has\nnot, within the seven years immediately preceding, effected any of the\nfollowing transactions \u2014\n(a)\nsubject to subsection (4), increased or decreased the amount held or owed\nby the account provider;\n(b) presented the passbook or other record for the crediting of interest or\ndividends in respect of \u2014\n(i)\nany sum payable with respect to any general deposit, demand\ndeposit, savings deposit or deposit for a fixed period, made in the\nIslands with the account provider; or\n\nSection 5\nDormant Accounts Law\n\nPage 8\nRevised as at 31st day of July, 2011\nc\n\n(ii) any sum payable on cheques certified in the Islands by the account\nprovider;\n(c)\ncorresponded in writing with the account provider concerning the\nmonies; or\n(d) otherwise indicated an interest in the monies as evidenced in writing by\nthe account provider.\n(2) Where monies are held or owed by an account provider for an account holder\nin more than one account, the monies shall not be deemed to be held in a\ndormant account if the account holder has, within the seven years immediately\npreceding, effected any of the transactions specified in subsection (1) through,\nor in relation to, any of the accounts.\n(3) Where the monies held or owed by an account provider is a deposit for a fixed\nperiod, the dormancy period shall not commence until the fixed period has\nexpired.\n(4) Interest paid, or account fees applied, by an account provider on monies held\nor owed by the account provider shall not be regarded as a transaction which\nincreases or decreases the amount held in the dormant account for the purposes\nof subsection (1)(a).\n(5) For the avoidance of doubt, where any transaction referred to in subsection (1)\nis effected prior to monies held or owed by an account provider being deemed\nto be held in a dormant account under that subsection, the dormancy period\nshall not commence until immediately after that transaction is effected.\n5.\nNotification procedure\n5.\n(1) Subject to section 6, except where a dormant account holder has been\npreviously notified under this section in respect of the dormant account, an\naccount provider, shall, on or before 31st July in each year, notify the dormant\naccount holder, in writing, of the following \u2014\n(a)\nthe name and current address of the account provider and information\nregarding a change of name, if any, of the account provider since the\nopening of the dormant account;\n(b) that the dormant account to which the dormant account holder appears to\nbe entitled is held by the account provider;\n(c)\nthat if a transaction referred to in section 4(1) is not effected on the\ndormant account on or before 31st December next following, the monies\nheld in the dormant account will be transferred to the Government\nwithout further notice to the dormant account holder;\n(d) that on the transfer of the monies held in the dormant account to the\nGovernment, and subject to this Law, the dormant account holder will no\nlonger have any right against the account provider to repayment of the\n\nDormant Accounts Law (2011 Revision)\nSection 6\n\nc\nRevised as at 31st day of July, 2011\nPage 9\n\nmonies transferred, but that the dormant account holder will have, against\nthe Government, such right to repayment of the monies transferred that\nthe dormant account holder would have had against the account provider\nexcept that any right against the Government or claim arising under this\nLaw shall be dealt with in accordance with section 9 of this Law and Part\nVIII of the Public Management and Finance Law (2010 Revision); and\n(e)\nany other matters that may be prescribed.\n(2) The notification referred to in subsection (1) shall be sent either by registered\nmail, courier service or by any method of communication specified in the\naccount mandate, to the last known address of the dormant account holder.\n(3) An account provider that fails to notify a dormant account holder under this\nsection commits an offence and is liable on summary conviction to a fine of\ntwenty thousand dollars.\n(4) Nothing in this section shall prevent an account provider from re-activating an\naccount (so that the monies held or owed in that account are no longer deemed\nto be held in a dormant account) where a person complies with a notification\ngiven under this section after the date specified in subsection (1)(c), but prior\nto the transfer referred to in section 7(1).\n(5) For the avoidance of doubt, notification to a dormant account holder under this\nsection shall be given \u2014\n(a)\nto the person who is the dormant account holder having the legal interest\nin the monies held or owed by the account provider; and\n(b) to the extent that the account provider is aware, and has contact details,\nof a person who has a beneficial interest or right (including any\nencumbrance) over the monies held or owed by the account provider, to\nthe person who has that beneficial interest or right.\n6.\nPublication of notice\n6.\n(1) Where monies held or owed by an account provider are deemed to be held in a\ndormant account under section 4(1) and \u2014\n(a)\nthe account provider has been instructed by the dormant account holder\nnot to correspond with or contact the dormant account holder; or\n(b) the account provider has taken all reasonable steps to notify the dormant\naccount holder in writing in relation to the dormant account and has\nfailed to make contact or receive a response from the dormant account\nholder,\nsection 5 does not apply and, subject to subsections (2) and (3), the account\nprovider shall publish a notice in the Gazette and, for dormant account holders\nresident in the Cayman Islands, in a daily newspaper circulating in the Islands,\nor, for dormant account holders not resident in the Cayman Islands, on the\n\nSection 6\nDormant Accounts Law\n\nPage 10\nRevised as at 31st day of July, 2011\nc\n\naccount provider\u2019s website or in a register held at the principal office of the\naccount provider in the Cayman Islands.\n(2) A notice under subsection (1) shall be in the prescribed form and shall contain\nthe following information \u2014\n(a)\nthe name and current address of the account provider and information\nregarding a change of name, if any, of the account provider since the\nopening of the dormant account;\n(b) that the account provider holds dormant accounts and the nature and type\nof such dormant accounts;\n(c)\nthat if a transaction referred to in section 4(1) is not effected on a\ndormant account on or before 31 December next following, the monies in\nthe dormant account will be transferred to the Government without\nfurther notice;\n(d) that any interested person should contact the account provider to\nestablish if that person is a dormant account holder;\n(e)\nthat on the transfer of the monies held in the dormant account to the\nGovernment and subject to this Law, the dormant account holder will no\nlonger have any right against the account provider to repayment of the\nmonies transferred, but that the dormant account holder will have, against\nthe Government, such right to repayment of the monies transferred that\nthe dormant account holder would have had against the account provider,\nexcept that any right against the Government or claim arising under this\nLaw shall be dealt with in accordance with section 9 of this Law and Part\nVIII of the Public Management and Finance Law (2010 Revision); and\n(f)\nany additional information that may be prescribed.\n(3) A notice under subsection (1) shall be published on or before 31st July in\neach year.\n(4) Repealed by section 5 of the Dormant Accounts (Amendment) Law, 2010 [Law\n41 of 2010].\n(5) An account provider that publishes a notice under subsection (1) shall, on\nrequest, make available free of charge \u2014\n(a)\ndetails of the current address of the account provider and any information\nregarding a change of name; and\n(b) subject to subsection (6), any other relevant information specified in the\nrequest.\n(6) Where the information referred to in subsection (5)(b) is otherwise made\navailable to persons subject to a lawful charge, that information may be made\navailable under this subsection subject to that charge.\n\nDormant Accounts Law (2011 Revision)\nSection 7\n\nc\nRevised as at 31st day of July, 2011\nPage 11\n\n(7) Nothing in this section shall prevent an account provider from reactivating an\naccount (so that the monies held or owed in that account are no longer deemed\nto be held in a dormant account) where a person complies with a notification\ngiven under this section after the date specified in subsection (2)(c) but before\nthe date of the transfer referred to in section 7(1).\n7.\nTransfer and vesting of monies in dormant accounts\n7.\n(1) Subject to subsections (3) and (4) and sections 5(4), 6(7) and 15, if a\ntransaction referred to in section 4(1) is not effected on a dormant account on\nor before the date specified in section 5(1)(c) or 6(2)(c), as the case may be,\nthe account provider shall, not later than 31st March next following, transfer to\nthe Government the monies held in the dormant account.\n(2) The monies, and any related rights and obligations, transferred to the\nGovernment from a dormant account by an account provider under\nsubsection (1), shall, subject to section 9, vest in the Government.\n(3) An account provider that transfers monies from a dormant account to the\nGovernment under this section shall, at the time of the transfer, submit to the\nMinister and to the Monetary Authority, a report, in the prescribed form,\nspecifying \u2014\n(a)\nthe total amount of monies transferred;\n(b) the total number of the dormant accounts;\n(c)\nthe amount of each dormant account transferred;\n(d) (where known) the name, date of birth and last known address of each\ndormant account holder; and\n(e)\nany other details that would enable the dormant account holder to be\nidentified.\n(4) The monies transferred from a dormant account to the Government under this\nsection shall be the ledger balance on the date of transfer.\n(5) An account provider that does not hold any dormant accounts to which\nsubsection (1) applies shall submit a report to that effect to the Minister and to\nthe Monetary Authority, in writing, not later than 31st March in each year.\n(6) Subject to subsection (7), an account provider shall submit a certificate of\ncompliance in the prescribed form to the Minister and to the Monetary\nAuthority, not later than 31st March in each year, stating, if this is the case,\nthat the account provider has complied with this Law in respect of the\nfollowing \u2014\n(a)\nthe notification procedure under section 5 or the publication of a notice\nunder section 6;\n(b) in the case of an account provider that holds dormant accounts to which\nsubsection (1) applies, the transfer of monies from such dormant\n\nSection 8\nDormant Accounts Law\n\nPage 12\nRevised as at 31st day of July, 2011\nc\n\naccounts to the Government under that subsection and the submission of\na report to the Minister and the Monetary Authority under subsection (3);\n(c)\nin the case of an account provider that does not hold any dormant\naccounts to which subsection (1) applies, the submission of a report to\nthat effect to the Minister and the Monetary Authority under\nsubsection (5); and\n(d) the keeping and maintaining of a register in accordance with section 8.\n(7) A certificate of compliance under subsection (6) shall be signed by an\nauthorized officer and shall include any qualifications, amplifications or\nexplanations that the authorized officer considers appropriate.\n(8) An account provider that \u2014\n(a)\nfails to transfer monies from a dormant account to the Government under\nthis section;\n(b) fails to submit a report to the Monetary Authority or to the Minister\nunder subsection (3) or (5); or\n(c)\nfails to submit a certificate of compliance under subsection (6),\ncommits an offence and is liable on summary conviction to a fine of twenty\nthousand dollars.\n(9) Monies which an account provider fails to transfer from a dormant account to\nthe Government under this section, together with any accrued interest thereon,\nshall be a debt due and owing by the account provider to the Government and\nmay be recovered from the account provider in any court.\n(10) Except with the approval of the Monetary Authority, on such terms and\nconditions as the Monetary Authority may determine, a reduction in the\namount of interest payable and charges in excess of those made in respect of\ncomparable active accounts shall not be made by an account provider during\nthe period of inactivity of a dormant account or at the time payment or transfer\nof the monies held in the dormant account is required.\n(11) In this section \u2014\n\u201cauthorized officer\u201d means a person authorized in writing by the account\nprovider; and\n\u201cledger balance\u201d means the monies in the dormant account on the date of\ntransfer of those monies to the Government under this section together with\nany accrued interest thereon but excluding any charges that may lawfully be\nwithheld by the account provider.\n8.\nRegister of dormant accounts\n8.\n(1) Subject to subsections (2) and (3), an account provider shall keep and maintain\na register of dormant accounts.\n\nDormant Accounts Law (2011 Revision)\nSection 9\n\nc\nRevised as at 31st day of July, 2011\nPage 13\n\n(2) An account provider shall enter in the register kept under subsection (1), the\nfollowing particulars in respect of dormant accounts from which, within the\npast six years, monies have been transferred to the Government under\nsection 7 \u2014\n(a)\n(where known) the name, date of birth and last known address of the\ndormant account holder and any other details which would enable the\ndormant account holder to be identified;\n(b) the dormant account number, if any;\n(c)\nif a notification was sent to the dormant account holder under section 5,\nthe date on which and, if different from the address referred to in\nparagraph (a), the address to which, the notification was sent;\n(d) if a notice was published under section 6, the date on which the notice\nwas published;\n(e)\nthe date on which the monies were deemed to be held in a dormant\naccount;\n(f)\nthe date of the transfer of the monies to the Government and the amount\ntransferred; and\n(g) any other matters that may be prescribed.\n(3) The register under subsection (1) may be kept in any form capable of being\nconverted into a legible form and being used to make a legible copy or\nreproduction of any entry in the register.\n(4) Subject to subsection (5), the register kept under subsection (1) shall not be\nopen to public inspection.\n(5) Nothing in subsection (4) shall be construed as restricting the right of a person,\nwho proves to the satisfaction of an account provider that he is, or may be, a\ndormant account holder, to inspect the register kept under subsection (1) with\nregard to the dormant account concerned.\n(6) An account provider that fails to keep and maintain a register in accordance\nwith this section commits an offence and is liable on summary conviction to a\nfine of ten thousand dollars.\n9.\nClaims\n9.\n(1) Where an account provider has transferred monies (and any related rights and\nobligations) from a dormant account to the Government under section 7, the\nmonies vested in the Government shall be held as trust assets within the\nmeaning of Part VIII of the Public Management and Finance Law (2010\nRevision) and \u2014\n(a)\nthe dormant account holder no longer has any right against the account\nprovider to repayment of the monies transferred and any other related\n\nSection 10\nDormant Accounts Law\n\nPage 14\nRevised as at 31st day of July, 2011\nc\n\nrights\nand\nrelated\nobligations\nof\nthe\naccount\nprovider\nare\nextinguished; and\n(b) the dormant account holder has, against the Government such right to\nrepayment of the monies transferred and any other related rights and\nobligations as the dormant account holder would have had against the\naccount provider, except that any right against the Government or claim\narising under this section shall be dealt with in accordance with this\nsection and Part VIII of the Public Management and Finance Law (2010\nRevision).\n(2) A claim under subsection (1) shall be submitted to the Minister in writing\nsigned by the claimant and shall be accompanied by the prescribed documents\nand information.\n(3) Where a claimant proves to the satisfaction of the Minister that he is the\ndormant account holder and the monies in the dormant account have been\ntransferred to the Government under section 7, the claimant shall be provided\nwith a statement of account and shall within twenty-eight days be paid by the\nGovernment, subject to the deduction of any charges that may lawfully be\nwithheld, the total amount of the monies transferred to the Government under\nsection 7.\n(4) The Government or an account provider shall not be liable for any interest on\nmonies transferred to the Government by account provider under section 7.\n(5) A person aggrieved by a decision of the Minister under this section has a right\nof appeal against that decision to the Grand Court.\n(6) A person who fraudulently makes a claim for repayment under subsection (1)\ncommits an offence and is liable on summary conviction to a fine of twenty\nthousand dollars.\n10.\nInspector\n10. (1) The Monetary Authority may authorize a person to be an inspector for the\npurposes of \u2014\n(a)\nensuring compliance by an account provider with this Law;\n(b) ascertaining whether an account provider has established systems,\nprocedures and practices that are adequate to secure an effective check on\nthe identification, notification, transfer, recording and repayment of\nmonies in dormant accounts; and\n(c)\ndetermining whether the systems, procedures and practices referred to in\nparagraph (b) have been employed and applied in an adequate manner in\nrelation to monies in dormant accounts by an account provider.\n(2) An authorization under subsection (1) shall be in writing and shall be subject\nto any terms and conditions, including terms and conditions relating to\n\nDormant Accounts Law (2011 Revision)\nSection 11\n\nc\nRevised as at 31st day of July, 2011\nPage 15\n\nremuneration, fees and allowances for expenses, that may be determined by\nthe Monetary Authority, and that are specified in the authorization.\n(3) The authorization of an inspector under this section ceases when the Monetary\nAuthority revokes the authorization in writing or where the authorization\nexpires.\n(4) Subject to section 13, the Monetary Authority may give directions in relation\nto the form, manner and content of the report to be prepared by an inspector\nunder section 12(1).\n11.\nInspection\n11. (1) Subject to subsection (4), an inspector may, for the purposes specified in\nsection 10 and on production of the authorization issued under section 10, at\nall reasonable times and on reasonable notice enter and search any premises of\nan account provider and may \u2014\n(a)\ninspect and take copies of or extracts from, and make any enquiries that\nthe inspector considers necessary in relation to, the following records\nkept by an account provider \u2014\n(i)\naccounts held by the account provider;\n(ii) records of the transfer of monies to the Government under\nsection 7;\n(iii) the register kept under section 8(1);\n(iv) any\nother\nrecords\nrelating\nto\nthe\nmatters\nspecified\nin\nsubparagraphs (i) to (iv); and\n(v) any other records relating to dormant accounts;\n(b) where records are \u2014\n(i)\nstored in electronic form, require the account provider or a person\nemployed by the account provider to produce a written copy of\nthose records; or\n(ii) not in the English language, require the account provider or a\nperson employed by the account provider to produce a copy of\nthose records in the English language;\n(c)\nrequire a person by whom or on whose behalf a computer is or has been\nused to produce or store records or any person having charge of, or\notherwise concerned with the operation of, the computer to afford the\ninspector all reasonable assistance in relation to the computer; and\n(d) remove and retain the records referred to in this subsection for such\nperiod as may be reasonable for further inspection or until the conclusion\nof any legal proceedings, subject to a warrant being issued for that\npurpose by a magistrate under subsection (6).\n\nSection 11\nDormant Accounts Law\n\nPage 16\nRevised as at 31st day of July, 2011\nc\n\n(2) A person who has in his power or possession any records referred to in\nsubsection (1) shall \u2014\n(a)\nproduce them at the request of the inspector and permit the inspector to\ninspect and take copies of or extracts from them;\n(b) at the request of the inspector, give the inspector any information that the\ninspector may reasonably require in relation to any entries in those\nrecords and provide an explanation of any apparent omissions from them\nor any omission of a record required to be produced; and\n(c)\ngive any other assistance and other information to the inspector that is\nreasonable in the circumstances.\n(3) The duty to produce or provide any record or information extends to an\nexaminer, administrator, liquidator, receiver, official assignee or any person\nwho is or has been an officer or employee or agent of an account provider or\nwho appears to the inspector to have the information or record in his\npossession or under his control in relation to the dormant account.\n(4) For the purposes specified in section 10, an inspector shall not, except with the\nconsent of the occupier, enter \u2014\n(a)\na dwelling; or\n(b) premises other than that of an account provider,\nunless the inspector has obtained a warrant issued by a magistrate under\nsubsection (6) authorizing the entry.\n(5) Where an inspector considers it necessary, the inspector may be accompanied\nby a police officer when performing any powers conferred on the inspector\nunder this section.\n(6) If a magistrate is satisfied, on the sworn information of an inspector, that there\nare reasonable grounds for suspecting that there is information required by an\ninspector under this section held on any premises or any part of any premises,\nthe magistrate may issue a warrant authorizing the inspector, accompanied by\na police officer, at any time within one month from the date of issue of the\nwarrant, on production of the warrant if so requested, to enter the premises,\nand exercise all or any of the powers conferred on an inspector under this\nsection or section 10.\n(7) For the purposes of carrying out inspections under this section, the inspector\nshall have access to \u2014\n(a)\nall records kept by the Minister and the Monetary Authority in relation to\nthe transfer of monies to the Government; and\n(b) the certificates of compliance furnished to the Minister and the Monetary\nAuthority under section 7.\n(8) A person who \u2014\n\nDormant Accounts Law (2011 Revision)\nSection 12\n\nc\nRevised as at 31st day of July, 2011\nPage 17\n\n(a)\nobstructs an inspector in the exercise of a power under this section;\n(b) gives to an inspector information that the person knows is false or\nmisleading; or\n(c)\nwithout reasonable excuse, fails to comply with a request or requirement\nmade by an inspector under this section,\ncommits an offence and is liable on summary conviction to a fine of ten\nthousand dollars or to imprisonment for a term of one year, or to both.\n12.\nReport to Monetary Authority\n12. (1) Where, following an inspection under section 11, the inspector is of the\nopinion that \u2014\n(a)\nthere is reason to believe that an account provider is in breach of any\nprovision of this Law; or\n(b) there is a material defect in the systems, procedures and practices\nreferred to in section 10(1)(b),\nthe inspector shall prepare a report, in writing, and submit a copy of the report\nto the Monetary Authority.\n(2) Subject to subsection (3), a dormant account holder shall not be referred to in a\nreport under subsection (1), otherwise than for the purposes of subsection (3),\nby name or in any manner by which the dormant account holder could be\nidentified as a dormant account holder.\n(3) An inspector who, in the course of an inspection, obtains prima facie\nevidence of \u2014\n(a)\na possible underpayment or non-transfer of monies from a dormant\naccount to the Government under section 7; or\n(b) a fraudulent claim for repayment under section 9,\nshall submit to the Monetary Authority particulars of the evidence and of the\ndormant account and dormant account holder concerned.\n(4) An inspector shall provide to the Monetary Authority any information and\nassistance that may reasonably be required by the Monetary Authority in\nrespect of any matters relating to an inspection carried out under section 11 or\nfor the purpose of clarifying any matter in the report under subsection (1).\n13.\nDisclosure to the inspector\n13. (1) Subject to section 12(2), any prohibition or restriction imposed by law,\nincluding any contract, in relation to the disclosure of information does not\napply in relation to \u2014\n(a)\nthe disclosure of information in good faith to, or access to information\nby, an inspector for the purposes of his functions under this Law; or\n\nSection 14\nDormant Accounts Law\n\nPage 18\nRevised as at 31st day of July, 2011\nc\n\n(b) any information that is contained in a report under section 12(1) and is\ninformation that in the inspector\u2019s opinion ought, in the public interest, to\nbe so contained,\nand no liability shall attach to the person or account provider making the\ndisclosure.\n(2) Nothing in this section or in section 12 compels the disclosure by any person\nof any information that the person would, in the opinion of any court, be\nentitled to refuse to produce on the grounds of legal professional privilege or\nauthorizes the taking possession of any document containing such information\nthat is in the person\u2019s possession.\n14.\nDirections for compliance\n14. (1) Without prejudice to any prosecution that might be brought under this Law,\nwhere a report under section 12(1) discloses particulars of \u2014\n(a)\nnon-compliance by an account provider with any provision of this\nLaw; or\n(b) a material defect referred to in section 12(1)(b),\nthe Monetary Authority may, as soon as practicable after receiving the report,\ngive, by notice in writing, directions to the account provider aimed at ensuring\ncompliance or rectification of the material defect, as the case may be, subject\nto any terms and conditions that the Monetary Authority may specify in the\ndirections.\n(2) An account provider that fails to comply with a direction given under\nsubsection (1) commits an offence and is liable on summary conviction to a\nfine of twenty thousand dollars.\n(3) It is a defence to a prosecution under subsection (2) for the account provider to\nprove that a direction given under subsection (1) was unreasonable having\nregard to \u2014\n(a)\nthe scope and terms of the provision of this Law that, in the opinion of\nthe inspector, the account provider has breached; or\n(b) the nature and consequences of the alleged material defect.\n15.\nRegulations for disclosure\n15. (1) The Governor in Cabinet, in the interests of consumer protection and the\nproper and orderly regulation of account providers, may, for statistical\npurposes only, make regulations providing for the disclosure of the\ninformation specified in subsection (2) \u2014\n(a)\nto the persons and subject to the conditions, including the payment of\ncharges by the person seeking the information, that the Minister may\ndetermine; and\n\nDormant Accounts Law (2011 Revision)\nSection 16\n\nc\nRevised as at 31st day of July, 2011\nPage 19\n\n(b) in a form that the information cannot be directly or indirectly related to\nan identifiable person.\n(2) The information referred to in subsection (1) is \u2014\n(a)\nprescribed information from the register kept under section 8;\n(b) details of the classes of dormant accounts; and\n(c)\nthe number of dormant accounts in each class.\n16.\nImmunity\n16. (1) The Monetary Authority, a director, an inspector or an employee of the\nAuthority shall not be liable in damages for anything done or omitted in the\ndischarge or purported discharge of their respective duties or functions under\nthis Law unless it is shown that the act or omission was in bad faith.\n(2) An account provider, a director, an officer or an employee of an account\nprovider shall not be liable in damages for anything done or omitted in the\ndischarge or purported discharge of their respective duties or functions under\nthis Law unless it is shown that the act or omission was in bad faith.\n17.\nLiability of directors etc. where an offence is committed by a body\ncorporate\n17. (1) Where a body corporate commits an offence under this Law, every director or\nother officer concerned in the management of the body corporate commits that\noffence unless the director, officer or employee proves that the offence was\ncommitted without his consent or connivance or that he exercised reasonable\ndiligence to prevent the commission of the offence.\n(2) In subsection (1), \u201cdirector\u201d in relation to a body corporate whose affairs are\nmanaged by its members, means a member of the body corporate.\n17A. Declaration by Governor in Cabinet of account provider\n17A. The Governor in Cabinet may by Order published in the Gazette declare any type of\nfinancial institution to be an account provider where the Governor in Cabinet deems\nit to be in the national interest.\n18.\nRegulations\n18. The Governor in Cabinet may make regulations prescribing all matters that are\nrequired or permitted under this Law to be prescribed, or are necessary or\nconvenient to be prescribed for giving effect to the purposes of this Law.\n\nSection 18\nDormant Accounts Law\n\nPage 20\nRevised as at 31st day of July, 2011\nc\n\nPublication in consolidated and revised form authorised by the Governor in Cabinet\nthis 18th day of October, 2011.\nKim Bullings\nClerk of Cabinet","akn_extracted_at":"2026-06-22 15:32:31.989393+00","cms_id":"2010-0028","law_type":"principal","year":"2010","number":"28","title":"Dormant Accounts Act","status":"in_force"},"provenance":{"files":[{"file_id":"4868","expr_id":"65","kind":"akn_xml","filename":"2010-0028_2011 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2010\/2010-0028\/2010-0028_2011 Revision.akn.xml","content_md5":"62a63e1ebfa45b9134dcf6dc0097bfaf","byte_size":"38340","http_last_modified":null,"fetched_at":"2026-06-22 15:32:32.321004+00"},{"file_id":"129","expr_id":"65","kind":"pristine_pdf","filename":"2010-0028_2011 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/PRINCIPAL\/2010\/2010-0028\/2010-0028_2011 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/PRINCIPAL\/2010\/2010-0028\/2010-0028_2011 Revision.pdf","content_md5":"c440d9c589d0b825e0307df3679cab1e","byte_size":"483782","http_last_modified":null,"fetched_at":"2026-06-21 23:09:34.866051+00"},{"file_id":"130","expr_id":"65","kind":"working_pdf","filename":"2010-0028_2011 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/PRINCIPAL\/2010\/2010-0028\/2010-0028_2011 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2010\/2010-0028\/2010-0028_2011 Revision.pdf","content_md5":"c440d9c589d0b825e0307df3679cab1e","byte_size":"483782","http_last_modified":null,"fetched_at":"2026-06-21 23:09:34.866051+00"}],"paragraph_count":10,"latest_history":null},"quality":{"expr_id":"65","doc_id":"65","quality_state":"needs_review","quality_score":"84","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{truncated_text,other}","repair_actions":"{collapse_duplicate_text,manual_review,reextract_full_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Sample appears truncated mid\u2011text; review full legislation to ensure completeness and reconcile commencement metadata.","assessed_at":"2026-06-22 15:29:44.994149+00","updated_at":"2026-06-22 15:29:44.994149+00"}}