Cayman Islands; Assessment of the Supervision and Regulation of the Financial Sectorâ€”Volume IIâ€”Detailed Assessment of Observance of Standards and Codes

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.

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Year of publication:	2005-03-11
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Financial Sector Assessment Program \| Financial systems \| banking \| money laundering \| internal audit \| drug trafficking \| banking supervision \| law enforcement \| internal controls \| banking supervisors \| monetary authority \| insurance law \| risk management \| capital adequacy \| due diligence \| consolidated supervision \| suspicious transactions \| customer identification \| external auditor \| banking sector \| internal control \| suspicious activity \| market intermediaries \| securities regulation \| enforcement authorities \| capital base \| foreign exchange \| insurance supervisors \| licensing process \| enforcement powers \| law enforcement authorities \| banking business \| financial crime \| foreign banks \| legal assistance \| reporting requirements \| regulatory authorities \| bank supervision \| transaction records \| regulatory authority \| laundered property \| terrorist financing \| international cooperation \| foreign branches \| criminal liability \| compliance officer \| competent authorities \| audit function \| predicate offence \| insurance business \| law enforcement agencies \| money laundering regulations \| good faith \| terrorist organizations \| international standards \| supervisory process \| supervisory authorities \| supervisory authority \| connected lending \| suspicious activity reports \| anonymous accounts \| share information \| collective investment schemes \| dual criminality \| accounting standards \| banking services \| capital adequacy ratio \| beneficial ownership \| internal policies \| integrity standards \| civil forfeiture \| financial intelligence unit \| criminal proceeds \| bank management \| criminal justice measures \| criminal justice \| criminal matters \| collective investment scheme \| credit risk management \| legal entities \| reporting forms \| internal procedures \| suspicious transactions reporting \| holding company \| exchange information \| confidentiality requirements \| record keeping requirements \| loan loss provision \| bankers \| money laundering activities \| accounting firms \| identification procedures \| financial soundness \| criminal offence \| financial service providers \| beneficial owners \| assessment criteria \| suspicious activities \| internal auditing \| transaction reporting \| share capital \| iosco principles \| business relationships \| suspicious transaction reporting \| funds transfers \| customer acceptance policies \| customer acceptance \| financial strength \| supervisory regime \| complete originator information \| criminal purposes \| shell corporations \| subordinated debt \| foreign authorities \| money launderers \| banking activities \| tier 1 capital \| domestic law \| laundering activities \| asset classification \| drug money \| adequate compliance \| due diligence procedures \| securities firms \| foreign regulators \| suspicious transaction \| antimoney laundering \| material change \| return on equity \| market participants \| customer identification records \| factual circumstances \| account number \| bankrupt \| securities activities \| shell companies \| foreign jurisdiction \| retail banking \| account files \| risk profile \| unusual transactions \| undercover operations \| market manipulation \| foreign jurisdictions \| adequate powers \| compliance program \| foreign counterparts \| financial crimes \| foreign authority \| legal impediments \| banking industry \| criminal sanctions \| domestic legislation \| customer identity \| supervisory body \| fictitious names \| identity documents \| bank records \| supervisory framework \| information exchange \| income statement \| assessing compliance \| financial regulation \| adequate screening procedures \| identification obligations \| criminal activity \| prudential supervision \| international accounting standards \| account opening \| administrative sanctions \| internal control systems \| payment chain \| tier 2 capital \| tax matters \| banking market \| meaningful originator information \| money remitters \| criminal law \| foreign exchange risk management \| internal control procedures \| risk customers \| forfeiture actions \| bank account \| ensuring compliance \| suspicious patterns \| penal code \| asset forfeiture fund \| criminal case \| judicial authorities \| supervisory agencies \| securities industry \| banking structure \| large currency transactions \| administrative investigations \| money laundering schemes \| banking systems \| bank performance \| laundering legislation \| investigative powers \| bank securities \| banks ? solvency \| false information \| bank ownership \| equity investment \| capital adequacy directive \| offshore banks \| money market instruments \| due regard \| insurance transactions \| securities markets \| risk categories \| extraditable offence \| banking practice \| bank exposures \| licensing authority \| money laundering laws \| bank holding \| universal banking \| currency transactions \| money laundering requirements \| bank for international settlements \| licensing requirements \| banker \| risk management systems \| discharge documentation \| compliance departments \| wire transfer \| return on assets \| laundered funds \| national bank \| bank secrecy act \| law enforcement officials \| alternative remittance systems \| shell company \| regulatory judgments \| kyc standards \| loan ? classification \| insurance policy \| anti money laundering \| conducting investigations \| terrorism financing \| due diligence requirements \| crime matters \| money laundering measures \| investigative techniques \| banking license \| banking law \| self regulatory organizations \| criminal prosecution \| securities transactions \| professional secrecy \| customer identification procedures \| bank secrecy \| know your customer \| financial investigators \| market intermediary \| secrecy laws \| money laundering cases \| financial sector regulation \| drug control \| deposit insurance \| predicate crimes \| investigative agencies \| money remittance \| adequate safeguards \| suspicious activity reporting \| accounting framework \| trust service providers \| criminal elements \| administrative cost \| customer identification policies \| retained earnings \| common law jurisdictions \| money laundering offence \| life insurance \| law enforcement information \| due diligence process \| civil liability \| foreign regulatory \| supervisory responsibilities \| reinsurance companies \| money laundering investigations \| treasury stock \| private banking \| banking institutions \| terrorist assets \| financial records \| internal organization \| reporting obligations \| securities sectors \| kyc policies \| alternative remittance

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 05/92 14 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005591755