The Cayman Islands Monetary Authority (CIMA) is the sole regulator of the financial sector in the Cayman Islands responsible for all financial institutions operating under the regulatory laws including money service businesses. CIMA is also responsible for ongoing supervision of compliance with AML/CFT obligations. The various regulatory laws provide for licensing, on-site inspections, fit and proper criteria and access to information in accordance with FATF standards.
Regulatory functions comprise regulation and supervision of financial service providers in the Cayman Islands, monitoring of compliance with the money laundering regulations, issuance of a regulatory handbook on policies and procedures, and issuance of rules, statements of principle and statements of guidance. Co-operative functions consist of providing assistance to overseas regulatory authorities.
Regulatory Cooperation: The Cayman Islands Monetary Authority (CIMA) has a statutory obligation to cooperate with counterparts under the regime delineated in the Monetary Authority Law, and has extensive powers in that regard. While not a pre-requisite for cooperation, CIMA has entered into bilateral memoranda of understanding (MOUs) with authorities in Bermuda, Brazil, Canada, Isle of Man, Jamaica and the Republic of Panama and has signed a multilateral MOU with a group of regulatory authorities in the Caribbean. CIMA also maintains a statutory obligation to provide assistance to other regulators upon request on a worldwide basis.
