Cayman Islands: Assessment of the Supervision and Regulation of the Financial Sector—Volume II—Detailed Assessment of Observance of Standards and Codes

March 11, 2005

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Cayman Islands: Assessment of the Supervision and Regulation of the Financial Sector—Volume II—Detailed Assessment of Observance of Standards and Codes, (USA: International Monetary Fund, 2005) accessed November 12, 2024

Summary

This paper reviews key findings of the detailed assessment of the Observance of Standards and Codes in the Financial Sector of the Cayman Islands. Banks in the Cayman Islands operate within a well-defined prudential regulatory framework, generally in accordance with Basel standards, that is, largely modeled after the framework currently in use in the United Kingdom. The two-tiered required minimum risk capital standards are significantly above those required by the Basel Capital Accord and are applied in practice based primarily on the perceived differences in risk related to bank ownership.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Financial institutions, Insurance, Insurance companies, Money laundering, Mutual funds

Keywords: Amount of money, Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking sector, Board of directors, Capital base, Caribbean, Country risk, CR, Due diligence, Insurance, Insurance companies, Interest rate, Internal audit, ISCR, Managing director, Money laundering, Mutual fund, Mutual funds, Parent company, Senior management

Publication Details

Pages:

144
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2005/092
Stock No:

1CYMEA2005002
ISBN:

9781451809749
ISSN:

1934-7685

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