Monetary Authority launches CIMAConnect

The Cayman Islands Monetary
Authority has launched a financial e-business platform called CIMAConnect.

CIMA has implemented the new online
service to modernise the way regulated entities can interact with the Authority.
The e-business portal will enable online access for service providers to
complete and submit requests for CIMA authorisation along with any required
documentation.

In a first stage, CIMAConnect was
activated on 4 October for new fund authorisations. Service providers to funds
are now able to apply for access to the system and, once they are authorised as
users, they can submit requests for the registration or licensing of new funds
online.

Through CIMAConnect, service
providers will be able to track the progress and status of their submissions
and receive notification when the applications are approved.

The web-portal will streamline and
automate manual processes within the authority and is expected to shorten the
time needed for approval decisions. 

“As the demands of regulating
Cayman’s financial services continue to grow, so does the need to be innovative
and to capitalise on technological advances that can enhance our efficiency,”
explained CIMA Managing Director Cindy Scotland.

“In this regard, CIMAConnect is a
landmark development for the Authority and the jurisdiction,” she added.

CIMA plans to release a schedule of
functional improvements once the fund registration and licensing service has
been introduced. These may include online requests for changes such as entity’s
name, changes to beneficial ownership, amendment to business plan and the appointment
of new directors and senior officers. Service providers will also be able to
apply online for letters certifying that entities are in good regulatory standing.

Access for insurance, banking,
trust and company managers will be phased in at a later stage. As CIMAConnect
is accessible only by authorised users, service providers will need to request
access by completing an application available at www.cimaconnect.com. Upon
approval, a management account will be activated and immediately accessible.

“CIMAConnect provides a convenient,
secure and reliable connection with the Authority,” Mrs. Scotland said. “It
eliminates delays from documents being submitted by hand or through the mail,
while also providing additional reassurances that information is easily
recovered following a disaster. Ultimately, we are confident that this will be
a welcome enhancement to the services we provide to both our local and global
stakeholders.” The CIMAConnect project has been in development for about a year
and is spearheaded by the Authority’s Information Services and Investments and
Securities divisions, with the technology platform and other services supplied
by local information technology company Brac Informatics Centre.