Tag: Cayman Islands Monetary Authority
Cash remittances fall over 40% during lockdown
(CNS): The closure of money transfer services during lockdown had a massive impact on the amount of cash that left the Cayman Islands during the second quarter of this year, CIMA has said. Well over US$26.6 million less went offshore during April, May and June than would normally be sent during that time of year, […]
Cayman may lose its only discount broker
(CNS): The Cayman Islands Monetary Authority has appointed controllers to take over the affairs of OneTRADEx, a local online discount broker, ahead of its possible shut down. According to the CIMA notice, accountants from KRyS Global have taken over the company, owned by Colin Wilson and Rich Ellison, which offers the only online discount share […]
More legislation planned to keep Cayman compliant
(CNS): After steering through two pieces of legislation in the most recent session of the Legislative Assembly to help keep Cayman’s offshore sector compliant and competitive, the financial services ministry is working on more new laws, which are expected to be debated in June. The Securities Investment Business (Amendment) Bill, 2019, which was published on […]
Cayman workers sent $235M to home countries
(CNS): Expatriate workers in the the Cayman Islands sent home a record-breaking amount of cash last year through money service companies, according to statistics from the Cayman Islands Monetary Authority. People sent almost $235 million to numerous countries around the world, but the largest amount, around $133 million or 58%, went to Jamaica. The Philippines […]
Securities expert returns to Cayman for CIMA job
(CNS): Gerald Halischuk is the new head of the Securities Supervision Division at the Cayman Islands Monetary Authority, effective Monday, 11 February, according to a CIMA release. Halischuk, who is Canadian, comes to Cayman from Anguilla, where he was the managing director of the Financial Commission there for four years. Halischuk has previously worked in the […]
OfReg and CIMA directors top pay of SAGCs
(CNS): A new report from the Office of the Auditor General has revealed significant disparities in how much staff, bosses and board directors are paid across statutory authorities and government companies (SAGCs). The report shows the board chairs of OfReg and CIMA are making $4,500 and $4,000 per month and their directors are also the highest […]
CIMA signs deal with American insurers group
(CNS): The Cayman Islands Monetary Authority has signed a memorandum of understanding with the National Association of Insurance Commissioners (NAIC) to help insurance supervisors in the United States and Cayman Islands coordinate on regulatory issues with the goal of efficient, fair, safe and stable insurance markets, a release from CIMA stated. The agreement encourages a […]
Top court confirms extent of CIMA’s powers
(CNS): The Cayman Islands Monetary Authority has said that a Privy Council decision last month has confirmed the regulator’s powers to compel non-licensee Cayman Islands registered firms to give up information on behalf of other overseas regulators under the authority’s 2018 Law. According to a press release from CIMA, the Judicial Committee of the London-based […]
Panton expecting busy time at helm of CIMA
(CNS): Wayne Panton, the former financial services minister who was recently appointed as chair of the Cayman Islands Monetary Authority Board, is expecting a busy time ahead, given the numerous international and local issues impacting the country’s financial services sector. The appointment of the retired off-shore lawyer was revealed in a recent government gazette, and […]
CIMA appoints three new chiefs
(CNS): The Cayman Islands Monetary Authority has promoted three members of its team into senior posts covering statistics and inspections. Kenton Tibbetts, Jackie Powell Marsden and Yoshneck Mutomba, who have all worked at the authority for several years, have been appointed to head up various specialist areas relating to the regulator’s work. Tibbetts has been promoted […]
Cayman’s offshore rivals target crypto market
(CNS): As the global cryptocurrency sector heats up, job creating international investment is seeking out suitable jurisdictions and Cayman Islands’ offshore rivals are looking to steal a march on this growth by introducing crypto-friendly laws and legislation, with Bermuda in pole position. Bermuda’s government said recently that it wants to become one of the first […]
