Update on Cayman Islands Supervisory Inspections

The Cayman Islands Monetary Authority (“CIMA”) has published a Supervisory Issues and Information Circular (“Circular”) summarising its findings from the onsite inspections it conducted of CIMA licensed entities last year. This advisory provides a summary of the key points only and we would be happy to advise in further detail if required.

There were 164 inspections in 2018, a 40% increase from 2017. Inspections are a key tool in CIMA’s supervisory toolbox and the Circular is of particular interest in highlighting CIMA’s key areas of focus, particularly given CIMA’s focus on anti-money laundering and counter-terrorist financing (“AML/CFT”) and sanctions compliance and its new powers to impose administrative fines.

Of the sixteen categories of licensees inspected, the largest percentage were banks with a class B licence (23%), while mutual fund administrators (17.7%), company managers (13.1%) and trusts (12.8 %) together made up almost 50% of all inspections.

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Lucy FrewPartnerT +1 345 814 4676lucy.frew@walkersglobal.com
Tony De QuintalSenior CounselT +1 345 914 6388tony.dequintal@walkersglobal.com
Colm DawsonAssociateT +1 345 914 6384colm.dawson@walkersglobal.com
Andrew HowarthAssociateT +1 345 814 4561andrew.howarth@walkersglobal.com

Alice MolanPartnerT +852 2596 3425alice.molan@walkersglobal.com

Sara HallPartnerT +44 (0)20 7220 4975sara.hall@walkersglobal.com