Banking Supervision in the Cayman Islands
Cayman government is protecting the country’s status of a reputable international financial centre by means of strict examination procedures for new licenses and precise supervision of existing licensees.
The government requirements include also an audit caried out by approved local auditors.
The Banking Division in the Cayman Islands is responsible for processing applications for bank and bank & trust company licenses, and for making recommendations to the Governor in Council for the issuing or not issuing a license. The banking division deals with both off-site and on-site supervision of the banking institutions.
The government appoints a professional Inspector of Financial Services. The Inspector leads a banking supervision team charged with examination of all applications for licenses, issuing recommendations to the Governor in Council to approve bank licenses and monitoring the business of a licensed banks.