IMF Staff Country Reports

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

Publication Date:

March 11, 2005

Electronic Access:

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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.

Series:

Country Report No. 2005/092

Subject:

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