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CIMA: Insurance industry statistics point to successful year

Cayman Islands Monetary Authority has licensed 20 new insurers or reinsurers in the first six months of 2021.

Local capital markets in the Caribbean: Challenges and opportunities

Written by Marla Dukharan; Research fund by CFA Institute With a population that reached roughly 60,000 pre-pandemic, about half of whom are non-resident/expatriate, the Cayman...

Maples seeking judicial review of AML regulations

Two entities of the Maples Group are seeking a judicial review of how the Cayman Islands Monetary Authority interprets and applies certain provisions of the Anti-Money Laundering Regulations in practice.

Government clarifies scope of Private Funds Law

In an effort to take the Cayman Islands off the EU tax blacklist, government introduced last-minute, ungazetted changes to the Private Funds Law, on Wednesday.

CIMA revokes Hinduja Bank’s licence

The Cayman Islands Monetary Authority has revoked the banking licence of Hinduja Bank.

Report: 254 private funds have registered with CIMA

The new requirement to register closed-ended, or private, funds with the Cayman Islands Monetary Authority has to date prompted 254 funds into action so far. Government enacted the Private Funds Law in January which gave closed-ended funds until 7 Aug. 2020 to register with CIMA and comply with Cayman’s investment funds regime.

Business in brief: Mourant Ozannes interns complete summer program

Nineteen young Caymanians have completed their internships at Mourant Ozannes.

With new CIMA rules, more computer security certifications

Last week a dozen people gathered for a weeklong computer security boot camp, sitting at desks in a conference room at eShore, overlooking Heroes...

CIMA appoints new head of Compliance Division

Audrey Roe has been appointed head of the Compliance Division of the Cayman Islands Monetary Authority.

CIMA cancels fugitive’s director registration

The Cayman Islands Monetary Authority has canceled Ryan Bateman’s director registration, the regulator announced this week.

Business in brief: Danesmead Partners expands team

The ins and outs of the local business community.

Watson, Aspinall blacklisted by finance regulator

Canover Norbert Watson and Robert Neil Aspinall have each been identified by the Cayman Islands Monetary Authority as “not a fit and proper person” to hold certain positions in the Cayman Islands financial services industry.

CIMA to review firms’ cybersecurity plans

The Cayman Islands Monetary Authority plans to begin reviewing the cybersecurity plans for banks, financial services companies and its other licensees, according to a notice issued recently by the regulator.

New CIMA board member appointed

Cayman’s financial regulatory agency has appointed retired insurance company executive Garth MacDonald to its board of directors.

Gov’t considers new steps to attract reinsurance industry

Members of the Legislative Assembly have voted in favor of a private members’ motion to consider giving incentives to reinsurance and hedge fund management businesses and their senior executives.

Business in Brief: Captive delegation represents Cayman at RIMS

Dozens of representatives from Cayman’s captive insurance industry, including the Insurance Managers Association of Cayman, government officials, the Cayman Islands Monetary Authority, and Cayman Finance represented the jurisdiction at the annual Risk and Insurance Management Society conference in San Diego, California.

Panama Papers: Leak puts pressure on offshore centers

References to the Cayman Islands in the “Panama Papers” were conspicuous by their absence but pressure on all offshore financial centers is likely to increase after the anonymous leak of more than 11 million documents belonging to a Panamanian law firm continued its fallout on Monday.

Remittances dropped sharply last year

In 2015, the amount of money being sent overseas as remittances dropped by US$10 million over the year before. Many expats, especially low-wage workers, were shocked when they no longer had easy access to send cash home. However, the situation has improved, with Western Union and the other cash transfer companies back open and accepting local currency.

Offshore banking continues to decline

The number of banks in the Cayman Islands dropped by 7 percent in 2015, compared to 2014.

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