Cayman Islands Monetary Authority Cancels AC Holding Limited’s VASP Registration for Non-Compliance | Charltons Quantum

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On 5 June 2025, the Cayman Islands Monetary Authority (CIMA) issued a discover and thereby cancelled the Virtual Asset Service Provider registration of AC Holding Limited (In Official Liquidation), pursuant to part 25(3)(a) of the Virtual Asset (Service Providers) Act (2024 Revision) (VASP Act). CIMA cancelled the registration after issuing a Warning Notice issued on 28 March 2025, highlighting a number of breaches of the Cayman Islands VASP Act and the Anti-Money Laundering Regulations (2025 Revision) (AMLRs).

CIMA recognized a number of violations by AC Holding Limited, together with failure to offer required paperwork and knowledge underneath sections 9(4)(b) and (d), and insufficient anti-money laundering techniques underneath part 9(3)(e) of the VASP Act. Additionally, the corporate breached AMLRs by neglecting enhanced due diligence for suspicious actions, failing to confirm the supply of funds for politically uncovered individuals, and missing a risk-based unbiased audit operate. The Authority cited fraudulent enterprise practices, non-compliance with regulations, unfit administration, and considerations over the bulk shareholder, Mr. Christopher Flinos, as causes for the cancellation underneath sections 25(2)(b), (c), (e), and (f) of the VASP Act.

AC Holding Limited has the precise to enchantment this resolution to the Cayman Islands courtroom, as outlined in part 30 of the VASP Act.

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