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Our Principal Functions

The Cayman Islands Monetary Authority has four principal functions:

Monetary - The issue and redemption of Cayman Islands currency and the management of currency reserves.

Regulatory - The regulation and supervision of financial services, the monitoring of compliance with money laundering regulations, the issuance of a regulatory handbook on policies and procedures and the issuance of rules and statements of principle and guidance.

Cooperative - The provision of assistance to overseas regulatory authorities, including the execution of memoranda of understanding to assist with consolidated supervision.

Advisory - The provision of advice to the Government on monetary, regulatory and cooperative matters.

Obligations

Among the Monetary Authority's obligations in carrying out its functions are the requirements to:

  • act in the best economic interests of the Cayman Islands;
  • promote and maintain a sound financial system in the Cayman Islands; 
  • use its resources in the most efficient and economic way;
  • have regard to generally accepted principles of good corporate governance;
  • endeavor to promote and enhance market confidence, consumer protection and the reputation of the Cayman Islands as a financial centre;
  • reduce the possibility for the use of financial services business for money laundering or other crime;
  • recognise the international character of financial services/markets and the need to be competitive for consumers and suppliers while complying with appropriate and relevant international standards;
  • recognise the principle that a burden or restriction that is imposed should be proportionate to its expected benefits;
  • recognise the desirability of facilitating innovation in financial services business;
  • be transparent and fair.

The Authority's principal functions, and its obligations, are listed in section 6 of the Monetary Authority Law (2013 Revision) .

 
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Phone: 345-949-7089
Fax: 345-946-9730

Address:
Cayman Islands Monetary Authority
PO Box 10052
80 Shedden Road
Elizabethan Square
Grand Cayman  KY1-1001
CAYMAN ISLANDS

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