Topic: Cayman Islands Monetary Authority (CIMA)
CIMA’s 5K started Mother’s Day off on the right foot
On Mother’s Day, Sunday, 10 May, Cricket Square in George Town transformed in the early morning hours from a quiet office park into a busy athletic race when hundreds of people – including moms and dad with kids – poured into the curated parking areas. They were all there to participate in the Cayman Islands Monetary Authority’s (CIMA’s) 5K charity run.
New Society of Actuaries report highlights the Cayman Islands’ growing role in international reinsurance
The Cayman International Reinsurance Companies Association today welcomed the findings of a new Society of Actuaries report, 'International Reinsurance Landscape Overview for U.S. Life & Annuities', which underscores the Cayman Islands’ growing role as an international reinsurance jurisdiction supporting cross-border insurance markets.
Cayman private funds numbers continue to grow
The latest data from the Cayman Islands Monetary Authority reveals that Cayman continues to attract international funds.
More international insurers come to Cayman
Fresh data from the Cayman Islands Monetary Authority reveals a steady growth in the jurisdiction’s insurance industry.
Cybercrime and fraud threats growing for financial firms
Compliance teams across the Cayman Islands need to remain vigilant to a rapidly evolving threat landscape. That was one of the key messages from a briefing held by a local law and regulatory firm.
New report reveals growing economic impact of Cayman’s financial services industry
Early findings from a Cayman Finance-commissioned research paper published on 19 Sept. showed the expanding financial services industry has a larger role in islands’ economy than previously calculated
Reinsurance company licences continue to increase
The number of licences granted in a specialist reinsurance category has jumped by half year-on-year, the latest government figures show.
Bermuda lobbying claim over Cayman US insurance status bid
Sources in both jurisdictions have claimed Bermuda has launched a lobbying campaign in an effort to hinder Cayman’s bid to gain US ‘qualified jurisdiction’ status in the insurance business.
Former CIMA insurance head dies
Members of Cayman's insurance industry have paid tribute to Gordon Rowell, who died last week.
Cayman sea life features in new coin collection series
A loggerhead turtle, a blue marlin and a stingray appear on a new coin collection series issued by the Cayman Islands Monetary Authority.
IQ-EQ granted license from Cayman Islands Monetary Authority to provide trust services
Leading investor services group IQ-EQ is pleased to announce that it has been granted a license to offer trust services by the Cayman Islands Monetary Authority (CIMA).
International insurer licences increases by 50%
The number of new international insurer licences issued in Cayman in the first half of 2024 is 50% higher than during the same period last year, the Cayman Islands Monetary Authority has confirmed.
UK debuts new currency; changes to Cayman’s banknotes to be decided
Although new currency notes depicting King Charles' official image have debuted in the UK, it is unlikely changes to Cayman Islands currency notes will happen this year.
2023 sees decade-high issuance of international insurance licences
The Cayman Islands Monetary Authority issued more new international insurance licences last year than it had in any other single year in more than a decade.
Q3 Stats Show Continued Strength in Cayman Insurance Industry
The latest insurance sector licensing statistics released by the Cayman Islands Monetary Authority (CIMA) have shown continued international interest in the captive insurance industry, which has maintained its extremely strong position.
IMAC, Cayman Finance, CIMA joint participation in American Society for Health Risk Management Conference...
The three leading industry and governmental organizations who represented the Cayman Islands at the American Society for Health Risk Management’s (ASHRM) Annual Conference last month found their joint participation provided valuable connections for the industry and jurisdiction.
Commemorative $70 note unveiled in honour of Queen Elizabeth
The Cayman Islands Monetary Authority has released a special commemorative $70 banknote to honour the one-year anniversary of the passing of Queen Elizabeth II and in recognition of her Platinum Jubilee.
CIMA to hold annual student mixer
The Cayman Islands Monetary Authority will host its annual student mixer on Friday, 4 Aug., at the Grand Cayman Marriott Beach Resort from 9am to 12pm.
CIMA withdraws fines against Sterling Asset Management
The Cayman Islands Monetary Authority has withdrawn fines it levied against Sterling Asset Management in 2022.
Legislative changes proposed to strengthen CIMA’s AML enforcement, information sharing
The Ministry of Financial Services has released seven bills proposing to strengthen the Cayman Islands Monetary Authority's (CIMA) powers to apply proportionate and dissuasive sanctions to all types of legal persons under its supervision.
CIMA asks public for input on banknote redesign
The Cayman Islands Monetary Authority is seeking public input on the redesign of the Cayman Islands banknotes.
Cayman Finance breakfast briefing returns to New York
After a three-year hiatus due to the pandemic, Cayman Finance returned to New York to host a breakfast briefing and reinsurance roundtable events.
Q&A: Making digital asset businesses compliant
The Cayman Islands Monetary Authority (CIMA) has so far been very conservative in granting virtual asset service provider (VASP) licenses.
CIMA cancels crypto fraudster’s director registration, fund licences
The Cayman Islands Monetary Authority has cancelled the fund licences and director registration of Australian fraudster Stefan Qin, who stole more than US$50 million from investors in his Cayman-based Virgil Sigma fund and VQR Multistrategy feeder fund.
CIMA fines Artex Risk Solutions $95,000
The Cayman Islands Monetary Authority has imposed discretionary administrative fines totalling $95,409.11 on Artex Risk Solutions (Cayman) Limited.
CIMA launches online investor education campaign
The Cayman Islands Monetary Authority has launched its online campaign titled ‘I learned the hard way” about the risks associated with investment opportunities.
Regulator fines ICC Intercertus Capital $116,680 for AML breaches
The Cayman Islands Monetary Authority (CIMA) has imposed discretionary administrative fines totalling $116,680 on ICC Intercertus Capital (Cayman) Ltd for breaches of the Anti-Money Laundering Regulations.
Blockchain.com granted registration as virtual asset services provider
Blockchain.com, one of the longest-established crypto businesses and a pioneer of bitcoin infrastructure, has obtained registration in the Cayman Islands under the Virtual Asset Services Providers Act.
Dutch central bank fines Binance 3.3M euro for operating without registration
The Dutch central bank has imposed a EUR3.325 million administrative fine on Binance for offering crypto services without the legally required registration.
Business in brief: MHA Cayman, CIMA, NPO registrar, Deloitte
Niall McAuliffe has joined specialist audit firm MHA Cayman as audit partner.
Bodden Town man arrested with fake $100 notes
A 52-year-old Bodden Town man remained in police custody Monday after officers seized several thousand dollars in forged CI$100 notes.
Sterling Asset Management seeks judicial review of $300,000 AML fine
Sterling Asset Management has petitioned the Grand Court for a judicial review of a $299,050 fine imposed by the Cayman Islands Monetary Authority for the investment management firm’s anti-money laundering failings.
CIMA: Sanctions policies often not effectively implemented
A review of how trust and corporate services providers are complying with the sanctions provisions of Cayman’s Anti-Money Laundering Regulations highlighted that the majority have adequate policies and procedures but they are not always effectively implemented.
CIMA cancels gold fund licence
The Cayman Islands Monetary Authority has cancelled the registration of Obelisk Global Fund SPC.
CIMA revokes fund administrator licence
The Cayman Islands Monetary Authority has revoked the licence of Advanced Fund Administration (Cayman) Ltd.
CIMA fines Sterling Asset Management $300,000 for AML breaches
The Cayman Islands Monetary Authority has imposed discretionary administrative fines totalling CI$299,050.00 on Sterling Asset Management International.
Business in brief: CIMA, Harneys, Carey Olsen
The Cayman Islands Monetary Authority promoted Megan Powell deputy head of its Anti-Money Laundering Division on 1 April 2022.
CIMA appoints new deputy head of investments supervision division
The Cayman Islands Monetary Authority has promoted Gaone Dube from chief analyst to Deputy Head Investments Supervision Division.
CIMA revokes companies management licence of Imparato company
The Cayman Islands Monetary Authority has revoked the licence of RDI Company Ltd., whose directors are Robert and Joseph Imparato, for contravening the Companies Management Act.
Consultation ends on rules for virtual asset custodians, trading platforms
A public consultation by the Cayman Islands Monetary Authority on draft rules and guidance for the provision of services by custodians and trading platforms for virtual assets ended on 7 March.
Cayman regulator issues Russia sanctions notice
The Cayman Islands Monetary Authority has released a notice about the implementation of UK sanctions, including the freezing of assets, against Russian individuals and entities, following Russia’s invasion of Ukraine.
CIMA fines Lion Brokers $262,000 for AML failings
The Cayman Islands Monetary Authority has fined Lion Brokers Limited a total of CI$261,990.72 for anti-money laundering violations.
Manager of Cayman fund sentenced to 8 years for fraud
New Zealand fund manager Kelly Tonkin, who overstated the net asset value of his Cayman fund and forged a BDO Cayman Islands auditors report, has been sentenced to eight-and-a-half years in prison by a court in Christchurch.
CIMA cancels director licence of fund manager who admitted fraud
The Cayman Islands Monetary Authority has cancelled the director’s licence of fund manager Kelly Tonkin, 52, who in June this year pleaded guilty to fraud charges in a New Zealand court.
Cayman fund registrations continue to climb
Cayman fund registrations have continued their climb since the start of 2020, with third-quarter 2021 marking the seventh consecutive three-month period finishing with a higher number of total registered funds.
Seven Mile Securities fined $250,000 by CIMA
The Cayman Islands Monetary Authority has imposed administrative fines totalling $250,000 on broker Seven Mile Securities for anti-money laundering violations.
Intertrust allowed to appeal CIMA’s enforcement action after deadline passed
Corporate services provider Intertrust has been allowed to appeal a decision notice issued by the Cayman Islands Monetary Authority for anti-money laundering failings, even though the 21-day notice of appeal period has passed.
Number of funds in Cayman continues to grow
Since the registration of closed-ended funds was made mandatory in August 2020, the number of private funds in the islands has grown by 23.5%.
Binance CEO says ‘compliance is a journey’
Changpeng ‘CZ’ Zhao, CEO of beleaguered crypto exchange Binance, has described clear regulations as critical for growth of the virtual asset industry in an open letter this week.
CIMA: Binance not authorised to operate crypto-currency exchange
The Cayman Islands Monetary Authority announced that the Binance Group and Binance Holdings Limited are not registered, licensed, regulated or otherwise authorised to operate a crypto-currency exchange from or within the Cayman Islands.
In brief: Greenlight Re, CIMA, HSM, Cayman Management
Greenlight Capital Re hires head of innovation underwriting
Reinsurer Greenlight Capital Re has appointed Heejae Cho as Head of Innovation Underwriting. Cho joins Greenlight Re...
CIMA fines Intertrust more than $4.2 million for AML breaches
It is the largest-ever fine handed down by the financial regulator for AML failings.
Senior management promotions at CIMA
The Cayman Islands Monetary Authority has announced five promotions to senior management positions.
CIMA asks banks for feedback on proposed US travel rule change
The Federal Reserve Board and the Financial Crimes Enforcement Network (FinCEN) proposed last October to lower the threshold for the travel rule from US$3,000 to US$250.
CIMA cancels more than 1,300 director registrations
The Cayman Islands Monetary Authority has cancelled the registration of 1,302 directors after they failed to comply with the Directors Registration and Licensing Act.
CIMA hands out $72,800 anti-money laundering fine to Star Insurance
The Cayman Islands Monetary Authority has fined another Cayman company for breaches of the Anti-Money Laundering Regulations.
CIMA issues fake money warning
Cayman's Monetary Authority is warning the public to be on the lookout for fake KYD notes currently in circulation.
Investor briefing highlights Cayman’s stability, new regulations
In video messages to international investors, government along with financial regulator Cayman Islands Monetary Authority last week emphasised Cayman’s resilience during the coronavirus pandemic..
CIMA revokes licence of CTS Captive Management
The Cayman Islands Monetary Authority has revoked the insurance managers licence of CTS Captive Management for regulatory breaches and insolvency.
Anti-money laundering: CIMA fines Western International $482,000
The Cayman Islands Monetary Authority has fined Western International Trust Company Limited $482,717 for breaches of the anti-money laundering regulations (AMLRs).
CIMA fines Bank Cainvest $100,000
The Cayman Islands Monetary Authority has fined Cainvest Bank and Trust Limited $100,000 for failings in the bank’s anti-money laundering practices.
CIMA revokes fund administrator licence
The Cayman Islands Monetary Authority has revoked the full mutual fund administrators licence of Focus Administration Limited, citing insolvency and regulatory issues.
In a decision...
Cayman fights misuse of business entities
Cayman Islands Monetary Authority and the Anti-Money Laundering Unit hosted a training session on 8 Nov. for business representatives, government and regulators to better identify the risks of misusing legal persons and arrangements, such as companies, partnerships and trusts, for financial crime.
