deal with the number of requests and has sufficient funds. Besides extradition of persons, CI is, based on the Immigration Law, able to deport any person under certain circumstances .
Preventive measures for financial institutions
Prudentially regulated sectors
62. Supervision/enforcement —CIMAlicenses and exercises prudential supervision over banks, insurance, mutual funds, securities investment business, corporate and trust service providers, and money services businesses including money remitters and currency exchange operations. As part of its
This paper highlights key findings of the assessment of financial sector regulation and supervision in the Cayman Islands. The assessment reveals that in the last two years, an extensive program of legislative, rule, and guideline development in the Cayman Islands has introduced an increasingly effective system of regulation, both formalizing earlier practices and introducing enhanced procedures. The implementation of financial regulation and supervision complies broadly with standards in all the areas assessed. However, issues related to resources and potential breaches of operational autonomy affect the regulator and, hence, supervision in all sectors.
This paper reviews key findings of the detailed assessment of the Observance of Standards and Codes in the Financial Sector of the Cayman Islands. Banks in the Cayman Islands operate within a well-defined prudential regulatory framework, generally in accordance with Basel standards, that is, largely modeled after the framework currently in use in the United Kingdom. The two-tiered required minimum risk capital standards are significantly above those required by the Basel Capital Accord and are applied in practice based primarily on the perceived differences in risk related to bank ownership.
receive deposits from their members.
The permissible activities of institutions that are licensed and subject to supervision as banks are defined by their license. Therefore, any change in the operations of a bank needs the approval of CIMA. Licenses may be granted either for carrying on of banking business within and outside the Cayman Islands (“A” license) or with the restriction that the bank may not take deposits from any person resident in the Cayman Islands other than from another bank and invest in any asset which represents a claim on any person resident