Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority is the primary financial services regulator of the Cayman Islands and supervises its currency board.
The CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides assistance to overseas regulatory authorities and advises the Cayman Islands government on financial-services regulatory matters.
It is a corporation created pursuant to the Cayman Islands Monetary Authority Law.
History
The Monetary Authority replaced the Cayman Islands Currency Board, which was established by the Currency Law of 1971 and started operations on. The Currency Board allowed the Cayman Islands to have their own currency, with the Cayman Islands dollar replacing the Jamaican dollar that had been previously in use. The Currency Board was reorganized as CIMA in 1996.Regulatory framework
- Banks and lenders
- Offshore banks
- Funds and segregated portfolio companies
- Payment processing services
- Credit unions