Tag: CIMA
Cayman registers 30k funds for the first time
(CNS): Officials have claimed that the Cayman Islands continues to cement its place as a global leader in investment funds after the jurisdiction topped a record-breaking 30,000 funds. The Cayman Islands Monetary Authority (CIMA) said that as of 4 September, the total number of registered investment funds in Cayman was 30,038 (17,080 private funds and […]
Insurance sector predicting ‘exceptional’ year
(CNS): The number of premiums written and total assets managed by insurance firms licensed in the Cayman Islands doubled in the fourth quarter of 2023, standing at $58 billion and $130 billion, respectively. Insurance sector licensing statistics released by the Cayman Islands Monetary Authority (CIMA) show that last year, the jurisdiction issued 40 new international […]
CIMA warns of economic risk linked to climate
(CNS): Climate change is expected to increase risks within the financial system in many ways, the Cayman Islands Monetary Authority said in a report assessing the stability of the local economy and salient trends. Local institutions face acute and chronic climate-related risks potentially causing “dire economic consequences”, CIMA warned, as the regulator seeks ways to […]
Minister meets with SVB clients in Hong Kong
(CNS): The Cayman Islands Monetary Authority (CIMA) is exploring legal options after the US Federal Deposit Insurance Corp (FDIC) seized deposits held at the Cayman branch of Silicon Valley Bank, The Wall Street Journal has reported. Financial Services Minister André Ebanks met with some of SVB’s depositors in Hong Kong recently and told them that […]
Maples wins legal battle over CIMA’s AML rules
(CNS): In a complex legal ruling, a Grand Court judge has found largely in favour of financial services group, Maples, after it challenged the regulator, CIMA, over new rules surrounding the recording of clients’ details under regulations rolled out in 2020 as part of the enhanced local anti-money laundering regime. The ruling comes against the […]
Seven bills rolled out to tackle AML issues
(CNS): Seven amendment bills to strengthen the powers of the Cayman Islands Monetary Authority (CIMA) and widen the anti-money laundering net have been published in the government gazette. The bills propose changing laws that were passed as far back as 2010 and as recently as 2021 to help the regulator apply “proportionate and dissuasive sanctions” […]
CIMA reaches out for design ideas for new cash
(CNS): With the death of Queen Elizabeth II, the currency currently in circulation in the Cayman Islands will be phased out and replaced with a new design featuring King Charles III. The Cayman Islands Monetary Authority, which is responsible for issuing the country’s money, is working on a redesign of the local banknotes in partnership […]
HIC identifies problems at local insurance company
(CNS): The Health Insurance Commission (HIC), in consultation with the Cayman Islands Monetary Authority (CIMA), conducted an investigation last year of the local insurance company Cayman First Insurance following complaints about its failure to pay legitimate claims to healthcare providers. During the investigation, the regulator found a number of problems at Cayman First, including a […]
Intertrust to pay $5M CIMA fine for AML failings
(CNS): Intertrust has agreed to pay $5 million to the Cayman Islands Monetary Authority after the courts dismissed its appeal against an administrative fine of over $4.23 million for its failure to meet anti-money laundering regulations. According to a document posted on the Grand Court website last week, the offshore legal and financial services firm […]
CIMA issues warning to ‘crafty’ offshore firm
(CNS): The Cayman Islands Monetary Authority warned the financial sector that these “are not normal times” in a statement that strongly criticised the Maples Group for issuing a press release about its judicial review application against the regulator. The increased scrutiny by CIMA comes as the jurisdiction fights to be removed from the current Financial […]
Intertrust fined $4.2M over AML failings
(CNS): One of Cayman’s leading corporate service firms has been fined more than CI$4.2 million for breaches of anti-money laundering regulations. CIMA said the fine was imposed because of the company’s “pervasive and protracted history of non-compliance” with AML rules and its failure to remediate the breaches. CIMA said Intertrust had failed to verify the […]
