Cayman Islands Monetary Authority (CIMA)

Basic Information

The Cayman Islands Monetary Authority (CIMA) is the primary financial regulatory body overseeing the banking, insurance, securities, and investment sectors in the Cayman Islands. Established under the Monetary Authority Act (2023 Revision), CIMA operates as an autonomous institution to maintain financial stability, promote market integrity, and ensure compliance with international standards. Its regulatory framework aligns with recommendations from organizations like the Financial Action Task Force (FATF) and the International Organization of Securities Commissions (IOSCO).

Historical Background

CIMA was founded in 1997 through the merger of the Financial Services Supervision Department and the Cayman Islands Currency Board. This consolidation aimed to centralize financial oversight amid the jurisdiction’s growth as a global financial hub. Over the years, CIMA has evolved to address emerging challenges, including anti-money laundering (AML) and counter-terrorist financing (CFT), while adapting to technological advancements in fintech and digital assets.

Legal Authority and Regulatory Framework

CIMA derives its authority from key legislation, including the Banks and Trust Companies Act, Insurance Act, Securities Investment Business Act, and Mutual Funds Act. It enforces compliance with local laws and international agreements, such as the Basel III standards for banking and the OECD Common Reporting Standard (CRS). CIMA also collaborates with global regulators to ensure cross-border regulatory coherence.

Core Responsibilities and Regulatory Scope

CIMA’s mandate includes:

Licensing and Supervision: Authorizing and monitoring financial service providers, including banks, trust companies, insurers, and mutual funds.
Risk Mitigation: Conducting on-site inspections and off-site surveillance to identify systemic risks.
Enforcement: Investigating breaches of regulatory requirements and imposing sanctions, fines, or license revocations.
Consumer Protection: Safeguarding investor interests through transparency mandates and dispute-resolution mechanisms.
Anti-Money Laundering (AML): Enforcing AML/CFT regulations across regulated entities.

Comprehensive Contact Information

Headquarters Address:
Cayman Islands Monetary Authority
PO Box 10052, 80 Shedden Road
Elizabethan Square, 3rd Floor
Grand Cayman, KY1-1001
Cayman Islands

General Inquiries:
Email: [email protected]
Phone: +1 (345) 949-7089
Fax: +1 (345) 949-1890

How to Verify Regulatory Status

To confirm if an entity is regulated by CIMA:

Visit the CIMA Regulated Entities Directory.
Search by entity name, license type, or registration number.
Cross-check details against CIMA’s public enforcement notices for any disciplinary actions.