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Cayman Islands Monetary Authority - Coggle Diagram
Cayman Islands Monetary Authority
Monetary
The issue and redemption of Cayman Islands currency and the management of currency reserves.
Regulatory
The regulation and supervision of financials services, monitoring of compliance with money laundering regulations issuing a regulatory handbook on policies and the issuance of rules and statements of principle and guidance
Co-operative
Providing assistance to overseas regulatory authorities, including entering into memoranda of understanding to assist with consolidated supervision
Advisory
Provision of advice to the Government on policy matters conencted to monetary, regulatory and cooperation
CIMA has a number of obligations given to it under statute that it must meet while undertaking its functions
To act in the best economic interests of the Cayman Islands
To promote and maintain a sound financial system in the Cayman Islands
To use its resources in the most efficient and economic way
To have regard to generally accepted principles of good corporate governance
To endeavour to promote and enhance market confidence, consumer protection and the reputation of the Cayman Islands as a financial centre
To reduce the possibility that financial services business can be used for money laundering or other crime
To recognise the international character of financial services/markets and the need to be competitive for consumers and suppliers while compiling with appropriate and relevant international standards
To recognise the principle that a burden or restriction that is imposed should be proportionate to its expected benefits
To recognise the desirability of facilitating innovation in financial services business
To be transparent and fair
Supervisory divisons
CIMA is comprised of a Banking Supervision Division, Fiduciary Services Division, Insurance Division and Investment and Securities Division.
These 4 regualtory divisions are responsible for oversight of licensed entities within each of their sectors - this includes processing applications for licences and other relevant authorisations for the provisions pf those financials services falling within their sectors making recommendations to CIMA's Management Committee on the issue or non-issue of licenceing, ongoing supervision of licensees through on site visits in combination with off site monitoring and making recommendations for enhacenements to the supervisory regime where appropriate
Off site and on site supervision
Licensed entities must submit quarterly prudential returns which are then analysed together with annual audited financial statements
Management may also be requested to attend prudential meetings with the division
On site visits can take place at the premises of the licensee in the Cayman Islands or in any overseas office - these inspections can be full visits with no restrictions on what may be viewed or may be a focus visit on a particular aspect of regulation