CAYMAN MONETARY ISLANDS AUTHORITY
The cayman islands monetary authority CIMA is the cayman islands financial regulator. The British cayman islands monetary authority (CIMA) has been operating for nearly 20 years since it was established in 1999 and is the main financial services regulator in the British cayman islands. CIMA is responsible for the registration, licensing and supervision of banking, financial services enterprises, cooperative building communities, trust institutions, insurance company management, corporate services, investment funds and securities services industries.
The cayman islands are British dependencies in the Caribbean islands, including grand cayman, little cayman and cayman brac. The cayman islands’ financial sector has been encouraged by the islands’ support for a rule of law tax and the secrecy of accounts. There are now 278 registered Banks and trust companies, 805 self-insured, 9,231 hedge funds and 93,693 companies of all kinds. The 25 largest Banks in the world have subsidiaries or branches in cayman. The total assets of the island’s financial and trust industries have exceeded $250 billion, accounting for 7% of the total value of U.S. dollar transactions in Europe. An average of 4,300 companies are registered here each year.
CIMA, the cayman islands monetary authority, is the local financial regulator. The cayman islands are known as an offshore financial center and tax haven. China’s famous tencent, baidu and ali are all registered in the cayman islands, including li ka-shing’s recent reorganization of some of his companies.[2]
The British cayman islands monetary authority (CIMA) has been operating for nearly 20 years since it was established in 1999 and is the main financial services regulator in the British cayman islands. CIMA is responsible for the registration, licensing and supervision of banking, financial services enterprises, cooperative building communities, trust institutions, insurance company management, corporate services, investment funds and securities services industries.
The British cayman islands monetary authority provides a sound and clear regulatory environment and focuses on client asset protection:
(A) extremely strict anti-money-laundering regimes
(B) strict customer funds protection regulations
(C) strict net assets requirements
(D) strict business management requirements
(E) strict monitoring and suspicious reporting requirements
(F) risk support capital for increased risk exposure