Who regulates banks in the Cayman Islands?

the Cayman Islands Monetary Authority
The Monetary Authority Act and the Banks and Trust Companies Act give the Cayman Islands Monetary Authority (“CIMA” or “Authority”) the responsibility for licensing and regulating banking and trust business in the Cayman Islands.

Is it illegal to have a bank account in the Cayman Islands?

See What’s inLiving Non-residents can open bank accounts in Cayman without visiting the Islands (not all banks offer this service), but they must submit multiple certified documents to prove their identity, a current overseas address, the source of funds and bank references.

What is CIMA regulation?

The CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides assistance to overseas regulatory authorities and advises the Cayman Islands government on financial-services regulatory matters.

Do Cayman Island banks report to IRS?

An Intergovernmental Agreement allows foreign banks to report to their own government on Americans. The foreign government can then report to the IRS. In turn, the Cayman Islands Tax Information Authority relays the information to the IRS.

Is Cayman Islands a high risk jurisdiction?

Cayman Islands is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes. More than 93,000 companies were registered in the Cayman Islands as of 2008, including almost 300 banks, 800 insurers, and 10,000 mutual funds.

Is Cima a regulatory body?

CIMA is a body incorporated by a Royal charter which grants CIMA’s powers and sets out the institute’s objectives. CIMA’s regulatory framework underpins the professional standing of its members and students through regulation, monitoring and where necessary disciplinary procedures.

How much money do you need to open a bank account in the Cayman Islands?

Minimum opening deposits with Cayman National are US$1,000 for non-residents and CD’s usually start at US$5,000. You may hold funds in CI$, US$, CAD$, Sterling, and other major currencies. Some currencies may require higher minimum account balances.

Which is better CIMA or CFA?

CFA charter holders will find job opportunities in Financial Services sector whereas CIMA will find opportunities across all sectors. Both the qualification will offer better job opportunities in the Indian job market.

Is CIMA a regulatory body?

How do you identify a beneficial owner?

The term “beneficial owner” has been defined as the natural person who ultimately owns or controls a client and/or the person on whose behalf the transaction is being conducted, and includes a person who exercises ultimate effective control over a juridical person.

Is Cayman Island a tax haven?

Tax Laws in the Cayman Islands. The Caymans have become a popular tax haven among the American elite and large multinational corporations because there is no corporate or income tax on money earned outside of its territory. Instead of taxes, offshore corporations pay an annual licensing fee directly to the government.

Who is responsible for banking in the Cayman Islands?

The Monetary Authority Act and the Banks and Trust Companies Act give the Cayman Islands Monetary Authority (“CIMA” or “Authority”) the responsibility for licensing and regulating banking and trust business in the Cayman Islands.

How to become a Trust Company in Cayman Islands?

Any exemptions requested pursuant to Section 7 of the Bank and Trust Companies Act. Confirmation from parent Supervisory Authorities of no objection to the applicant being licensed as a Trust Company in the Cayman Islands. Confirmation of consolidated supervision from parent Supervisory Authorities.

Who is responsible for the supervision of banks?

CIMA’s Banking Supervision Division is responsible for processing applications for licences and making recommendations to the Management Committee on the issue (or non-issue) of a licence. The division is also responsible for ongoing supervision and regulation of the activities of banks.

Who are the Banking Supervisors in the Caribbean?

The Authority has membership in the Offshore Group of Banking Supervisors (OGBS), the Caribbean Group of Banking Supervisors (CGBS), and the Association of Supervisors of Banks of the Americas (ASBA). These groups provide a vital link to the Basel Committee.