CIMA was established as the combination of the Financial Services Supervision Department of the Cayman Islands Government and the Cayman Islands Currency Board.
CIMA's functions are wide and include:
• Issuing and redeeming Cayman Islands currency and managing the currency reserves of the Cayman Islands
• Regulating and supervising financial institutions and others conducting financial services
• Monitoring compliance with the Islands' anti-money laundering (AML) legislation
• Publishing a regulatory handbook, with policies and procedures, rules, and statements of principle
• Guiding market participants to ensure that regulatory standards are applied fairly and consistently
• Assisting foreign regulators in terms of Memoranda of Understanding (MOUs) for consolidated supervision
• Providing advice to the Cayman Islands Government on monetary, regulatory, and cooperative matters
By bringing all these functions together in CIMA, it enables CIMA to play a significant role in maintaining financial stability.It assists the islands with developing and maintaining their reputation as a reputable international financial centre.
Mission & Vision
CIMA's mission is to protect and enhance the integrity of the financial services industry in the Cayman Islands, while ensuring it operates firmly and transparently.
CIMA's vision is to promote a well-regulated, innovative, and thriving financial system that is compliant, provides value, and adheres to international standards, which is key to achieving success.
Core Values
CIMA's work is grounded in several core values that shape its internal and external relationships.
• Teamwork - Helping individuals to achieve a common goal.
• Accountability - Maintaining responsibility and transparency at all levels.
• Excellence - Achieving the highest possible standard in regulation and supervision.
• Collaboration - Striving to create strong relationships and effective partnerships to build common goals.
• Integrity - Promoting honest and ethical practice as part of our business.
• Respect - Valuing and appreciating differences, and earning the trust of stakeholders.
Primary Functions
CIMA's operations include four primary functions:
1.Monetary
The management of the issue, redemption of, and the containment of Cayman Islands currency, and the management of the currency reserves of the Cayman Islands.
2.Regulatory
The regulation, supervision, and compliance with laws governing the financial services industry in the Cayman Islands are achieved by producing a regulatory handbook that contains policies, principles, and procedural guidance.
3.Cooperative
Assisting overseas regulators with their more streamlined approaches, such as Memoranda of Understanding (MOUs), to provide consolidated supervision for a licensee experiencing regulatory oversight in multiple jurisdictions, and fostering cooperative relationships with foreign regulatory authorities.
4.Advisory
Providing advice to the Cayman Islands Government in relation to monetary policy, regulation, and cooperative frameworks.
