CIMA has taken decisive steps in response to non-compliance with the Directors Registration and Licensing Act, Mutual Funds Act, and Virtual Asset (Service Providers) Act. These have included cancellations of registrations and revocations of licences, reflecting a firm approach to protecting market integrity and enforcing regulatory standards.

CIMA is empowered to enforce compliance through a variety of actions, such as:

• Suspending or revoking licences in response to breaches
• Imposing administrative fines for regulatory failings
• Appointing controllers or advisors to oversee licensee affairs
• Applying to the court for winding-up orders in serious cases
• Mandating audits where necessary

CIMA is required to enforce its powers with transparency and proportionality, guided by its Enforcement Manual, which outlines procedures, due process and policies on fines, decision publication and handling unresponsive entities, requiring a consistent and effective compliance framework.

CIMA is required to remain vigilant in defending the financial sector against fraudulent or unauthorised activity and encourages all stakeholders to review recent Decision Notices and Enforcement Policies for a comprehensive understanding of their obligations.