Divisions & Sections
This page covers:
CIMA carries out its day-to-day activities through its eight divisions, three units and the Managing Director’s Office. All divisions and sections operate in accordance with CIMA's Regulatory Handbook.
The Supervisory Divisions
The Banking, Fiduciary Services, Insurance, and Investments and Securities divisions (collectively referred to as the supervisory divisions) directly oversee the licensees and registrants falling within their sectors, as listed below.
Banking Supervision Division
banks, bank and trust companies, money service businesses, building societies and credit unions
Fiduciary Services Division
company managers, corporate service providers and all trust companies not having a banking licence
insurance companies and insurance brokers, managers and agents
Investments and Securities Division
funds, fund administrators and persons licensed to conduct securities investment business, which includes market makers, broker-dealers, securities arrangers, securities advisors and securities managers
The supervisory divisions’ responsibilities cover:
- processing applications for licences and other relevant authorisations for the provision of those financial services falling within their sectors;
- making recommendations to CIMA’s Management Committee on the issue (or non-issue) of licences / authorisation;
- ongoing supervision of licensees / registrants through on-site and off-site monitoring, and
- making recommendations for enhancements to the supervisory regime where appropriate.
Off-site and On-site Supervision
Off-site monitoring is continuous. It involves the analysis of quarterly prudential returns and annual audited financial statements and other submissions required from time to time, supplemented with prudential meetings.
On-site supervision involves inspections and supervisory visits at licensees’ place of operation both in the Cayman Islands and overseas. These inspections can be full-scope, or may be limited to specific areas of the licensee/registrant’s operations.
The objectives of the inspection process are to understand the licensee’s business activities and operating environment, to detect problems of compliance with the relevant laws and/or regulations, and to gather information on matters identified as requiring policy considerations.
The Non-supervisory Divisions
The Compliance Division’s primary responsibilities are:
- investigating serious breaches of the regulatory laws and directing and administering formal enforcement actions taken by the Authority;
- conducting risk weighted due diligence checks on persons who have applied to act as directors, shareholders, managers, officers and controllers of licensed entities, and
- administering and responding to non-routine requests for assistance received from overseas regulatory authorities.
Money Laundering Reporting Officer - The Head of Compliance is the Money Laundering Reporting Officer (MLRO) for CIMA under the Proceeds of Crime Law. Any suspicion of money laundering identified in the course of the Authority’s supervisory activities by Authority staff is reported to the MLRO, who is responsible for reporting to the Financial Reporting Authority.
The Monetary Authority, through its Currency Operations Division, is the sole issuing authority for Cayman Islands currency.
The division is responsible for the issue, re-issue, and withdrawal of Cayman Islands circulating currency notes and coins against the United States dollar, dealing with the local retail banks.
The division also administers the sale and redemption of numismatic coins to and from local and overseas collectors.
The Legal Division provides advice to the Board of Directors, the Managing Director, and all the divisions within the Authority. The division has a central role in all cases involving the provision of formal assistance to overseas regulatory authorities, and provides support on all aspects of the Authority's responsibilities for combatting money laundering and terrorist financing.
The division aims to ensure that the Authority's procedures permit it, at all times, to act within the spirit and to the letter of the regulatory laws, and that all laws are kept under review to ensure that they remain effective.
The division assists with civil litigation and drafting legal documents such as directives, memoranda of understanding, and instructions for amendments to existing legislation, and assists in the review of applications for licensing from financial institutions.
Information requests submitted under the Freedom of Information initiative are handled by the Legal Division.
Policy and Development Division
The Policy & Development Division focuses on research in the area of financial sector regulation and supervision. The division has a cross-functional role and provides support mainly to the Monetary Authority's four supervisory divisions: Banking, Insurance, Investments & Securities and Fiduciary, by providing:
- advice on policy issues, and
- recommendations on required changes to policy and legislation for the financial sector.
The division is responsible for the co-ordination of the development of Rules, Statements of Guidance and Statements of Principle applicable to financial services providers to ensure that they are well regulated in accordance with, where applicable, international standards such as the Basel Core Principles for Banking, the International Organisation of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS).
The division also assists in devising recommendations for change to financial services legislation.
A key aspect is research of international developments and initiatives; analysis of the impact on the local financial services industry; and formulation of appropriate responses for consideration by the Authority. In addition, the division assists in the provision of responses, of both a statistical and non-statistical nature on the financial sector, to various international and domestic organisations.
The Accounts Division has responsibility for all financial matters relating to budget, annual licence fee collection, payroll, and accounts payable. The division is also responsible for preparation of the Monetary Authority’s financial statements and the Purchase & Ownership Agreements between the Cabinet of the Cayman Islands Government and the Authority. The division’s objectives are essentially created by the financial requirements of the organisation and its stakeholders and the resources available to it.
Human Resources Division
The Human Resources Division has responsibility for all employee matters relating to recruitment, employee training and development, as well as the administration of personnel policies, procedures and practices for the effective functioning and well-being of CIMA's staff. The division’s objectives are largely driven by the human resource needs of the organisation and the resources available to the unit to carry out identified strategies.
Information Systems Division
The Information Systems Division is responsible for the maintenance of the Authority’s existing information and telecommunications systems, the planning and implementation of new systems and developments relating to these.
Divisional Contact Information
For a divisional email, phone and fax listing, and information on CIMA's hours of operation, please click here.