CIMA

Institutions to introduce

The cayman islands monetary authority (CIMA) is the cayman islands financial regulator. The British cayman islands monetary authority (CIMA), which has been in operation for nearly 20 years since its inception in 1999, is the main financial services regulator in the British cayman islands. CIMA is responsible for the registration, licensing and supervision of Banks, financial service enterprises, cooperative construction communities, trust institutions, insurance company management, corporate services, investment funds and securities service industries.

The cayman islands are a British territory in the Caribbean islands of greater cayman, lesser cayman and cayman braque. The growth of the cayman financial sector has been encouraged by the islands' support for a rule of law tax and account secrecy. There are now 278 registered Banks and trust companies, 805 self-owned insurance companies, 9,231 hedge funds and 93,693 companies of all kinds. The 25 largest Banks in the world all have subsidiaries or branches in cayman. Total assets in the island's financial and trust industries have exceeded $250 billion, accounting for 7% of all eurodollar transactions. On average, about 4,300 companies are incorporated there each year.

The cayman islands are a British overseas territory in the Caribbean, known as "one of the world's top 10 financial islands". It is the fifth largest financial center in the world and the fourth largest offshore financial center after New York, London, Tokyo and Hong Kong.


The regulatory environment

The British cayman islands monetary authority provides a sound and clear regulatory environment and is focused on customer asset protection:

(A) extremely strict anti-money laundering regime

(B) strict client funds protection regulations

(C) strict net assets requirements

(D) strict business management requirements

(E) strict monitoring and suspicious reporting requirements

(F) risk support capital for increased exposure


The function

The cayman islands monetary authority has four main functions:

Currency - issuance and redemption of the currency of the cayman islands and management of currency reserves.

Regulation - regulation of financial services, monitoring of compliance with money-laundering regulations, publication of regulatory handbooks on policies and procedures, and publication of rules and principles and guidelines.

Co-operation - assistance to overseas regulators, including the implementation of memoranda of understanding, to facilitate harmonisation of supervision.

Consultation - advising governments on monetary, regulatory and co-operative matters.