Tag: CIMA

CIMA signs deal with American insurers group

CIMA signs deal with American insurers group

| 13/08/2018 | 1 Comment

(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 […]

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Top court confirms extent of CIMA’s powers

Top court confirms extent of CIMA’s powers

| 08/08/2018 | 4 Comments

(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 […]

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Panton expecting busy time at helm of CIMA

Panton expecting busy time at helm of CIMA

| 26/07/2018 | 42 Comments

(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 […]

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CIMA appoints three new chiefs

CIMA appoints three new chiefs

| 12/06/2018 | 2 Comments

(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 […]

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Cayman’s offshore rivals target crypto market

Cayman’s offshore rivals target crypto market

| 15/05/2018 | 52 Comments

(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 […]

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CIG preparing governance framework for cryptocurrencies

CIG preparing governance framework for cryptocurrencies

| 30/04/2018 | 34 Comments

(CNS): The Cayman Islands Government is working on a framework of governance for cryptocurrencies and digital coin projects taking place in the jurisdiction while it considers how to implement a legislative framework for the sector, which has grown to over $400 billion in a few short years. Responding to questions from CNS, the Ministry of […]

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ICO phenomenon demands regulatory attention

ICO phenomenon demands regulatory attention

| 20/03/2018 | 38 Comments

(CNS): After Bitcoin took investors on a rollercoaster ride last year, 2018 is shaping up to be the Cayman Islands’ biggest year for cryptocurrency funded startups — known as initial coin offerings (ICOs) — as companies around the world look to cash in on the digital asset explosion. Against this burst of activity, however, questions […]

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Fake $25 and $100 bills in local circulation

Fake $25 and $100 bills in local circulation

| 02/10/2017 | 9 Comments

(CNS): The RCIPS Financial Crimes Unit and the Cayman Islands Monetary Authority collected a number of counterfeit notes last week and they are warning the public to keep alert for the forged cash. The denominations are $25 and $100, all from the “D” series, and the notes seized so far have the same serial number D/1194318 […]

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Caledonian makes ‘no fine’ secret deal with SEC

Caledonian makes ‘no fine’ secret deal with SEC

| 19/12/2015

(CNS Business): A confidential circular sent to the creditors of the Caledonian Bank Limited (CBL), which was brought down following an investigation by the US Securities and Exchange Commission (SEC), has revealed that despite the probe bringing the Cayman-based bank to its knees, there will be no fines levied against the institution over the alleged […]

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Bank calls in auditors over FIFA scandal

Bank calls in auditors over FIFA scandal

| 08/06/2015 | 23 Comments

(CNS): Fidelity Bank has called in auditors in the wake of allegations made by the US authorities that it may have played a part in the possible laundering of the alleged bribes and kickbacks at the centre of the FIFA scandal. Officials from Fidelity said they had “engaged Deloitte Cayman to conduct an independent review […]

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CIMA boss isolated from FIFA-related probe

CIMA boss isolated from FIFA-related probe

| 05/06/2015 | 68 Comments

(CNS): Updated: Government officials have clarified that the local regulator has set up an internal unit that will report to the non-executive board, and not the CIMA managing director, to investigate the allegations made about a local bank and other offshore entities registered here in the ongoing FIFA corruption scandal. But despite family connections, CIMA MD Cindy […]

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