CIMA

The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator enhancing the economic wealth and reputation of Cayman by means of fostering a thriving, growing, developing, competitive and internationally recognised financial services industry through a stable currency and appropriate, cost-effective and efficient supervision. The CIMA was established under The Monetary Authority Law in 1996 to merge the former Currency Board with Financial Services Supervision Department.

The four principal functions of the CIMA are monetary, regulatory, cooperative and advisory. The monetary function is all about the issue and redemption of the currency and notes of the Cayman Islands and the management of currency reserves. The regulatory function means regulating and supervising financial services, monitoring compliance with money laundering regulations, issuing a regulatory handbook on policies and procedures as well as rules, statements of principle and guidance. The cooperative function of the CIMA is providing assistance to overseas regulatory authorities, which includes the execution of memoranda of understanding to assist with consolidated supervision. The advisory function deals with offering advice on monetary, regulatory and cooperative matters to the Government.

The Cayman Islands Monetary Authority consists of 10 divisions. These are operations, currency, banking supervision, insurance supervision, investments & securities, policy & development, fiduciary services, compliance, legal and managing director’s office.

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