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International Monetary Fund

develop and implement crisis management exercises to hone skills and surface gaps in the framework. IV. B anking R egulation and S upervision 8. The Cayman Islands banking sector is very large and quite unique in its structure, giving rise to a particular set of risks . With US$1.75 trillion in assets, the Cayman Islands is the fifth largest financial center in the world ( Table 3 ). However, over $1 trillion of these assets consist of accounts in Cayman branches of U.S. banks that hold funds overnight in “sweep” accounts in a way that is profitable as a

International Monetary Fund
This paper discusses findings of the assessment of Financial Sector Supervision and Regulation on the Cayman Islands. The assessment reveals that substantial progress has been made in the implementation of the 2003 Offshore Financial Center assessment recommendations, including, importantly, regarding Cayman Islands Monetary Authority’s independence and resources. There is scope for enhancing regulatory reporting and disclosure requirements by financial entities, such as shortening the period for filing required documents and requiring all insurers to disclose their use of derivatives and similar commitments regularly.
International Monetary Fund

System Standards and Codes Basel Core Principles FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism IOSCO Objectives and Principles of Securities Regulation IAIS Insurance Core Principles Tables 1. Key Recommendations 2. Cayman Islands: Financial Structure Summary 3. Cayman Islands: Banking Sector 4. Cayman Islands: Geographical Distribution of Banks in 2002 and 2003 5. Cayman Islands: Insurance Sector 6. Cayman Islands: Securities Market 7. Cayman Islands: Company and Trust Service Providers 8

International Monetary Fund
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.
International Monetary Fund

rates through the offshore branch (sweep accounts). In addition to retail banking by “A” licensees, and structured finance products for the institutional market, some provide corporate banking services only for their own group, carry out corporate investments for their headquarters, provide private banking, administer mutual funds ( Table 4 ). Table 3. Cayman Islands: Banking Sector 1999 2000 2001 2002 2003 Banks and Trusts A License Bank Number 4 4 4 4 4 Assets (millions of US dollars