Regulator – The Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority primarily provides four functions:
Currency: Issue and redemption for reserve and management of currency and foreign currency in the Cayman Islands.
Supervision: Financial Supervision and management, the A&AS Division monitors the compliance with anti-money laundering regulations, issues regulation policies and procedures manuals, and controls the issuance of principles, guidelines, and statements.
Cooperation: Providing assistance from overseas regulatory agencies, including assisting in the implementation of MOUs with solid regulatory cooperation.
Inquiries: Provide advice to the government on currency, regulations, and cooperation matters.
Where the obligation of the financial manager is to exercise its power, and the requirements are:
Maintain the best economic interests of the Cayman Islands.
Improve and sustain the healthy financial system of the Cayman Islands.
Understand the nature of the financial market and to allow the competitiveness of suppliers and consumers according to the proper and relevant international standards.
Understand the responsibilities and limitations it has undertaken equals to the anticipated benefits.
Understand the promotion and innovation of financial service business are encouraged.
Provides transparency and applies fair and just on all matters.
Use its resources in the most efficient and economical methods.
Take exceptional corporate governance as recognized principles.
Put efforts on improving and enhance market confidence, and protect consumers as well as the reputation of the Cayman Islands as the international financial center.
Reduce the possibilities of using financial services to carry out money laundering or commit other crimes.