CIMA Releases Strix XBRL Overview User Guide

The Cayman Islands Monetary Authority (CIMA) is pleased to announce the release of the Strix XBRL Overview User Guide, developed to assist regulated entities and form fillers in preparing return files and uploading them to the Strix platform.

This additional resource supports CIMA’s ongoing objective to deploy a risk-based supervisory approach by enabling efficient data submission, facilitating entity-level risk rating, and enhancing and supporting analysis at the sectoral and national levels, including contributions to the National Risk Assessment (NRA).

As part of these enhancements, CIMA recently integrated XBRL functionality with Strix, similar to existing XBRL capabilities available through its Regulatory Enhanced Electronic Forms Submission (REEFS) platform. With this update, regulated entities can develop internal standardised reporting given the module can automatically populate as many input fields as possible using data from an XBRL Instance file uploaded by the entity’s form fillers. This feature significantly reduces the time required to complete submissions, especially for recurring returns with minimal annual changes, and lowers the risk of manual errors or inconsistencies, ultimately improving the overall quality of data received by the Authority.

The Strix XBRL Overview User Guide outlines how form fillers can establish reporting processes, complete the return file, and efficiently upload submissions to the platform.

CIMA encourages all regulated entities to review the guide and begin incorporating these enhancements into their reporting processes.

Strix is the Authority’s dedicated software solution used for Anti-Money Laundering (AML) data collection, analysis, and entity risk assessments. It serves as a central platform through which regulated entities submit required AML information, enabling the Authority to systematically review, validate, and interpret large volumes of data. By integrating advanced analytical tools, Strix helps identify potential red flags, assess inherent and residual risks associated with each entity, and support more informed supervisory decisions. This enhances the Authority’s overall ability to detect, prevent, and respond to financial crime risks across the jurisdiction.