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CIMA Response to Coronavirus

General Industry Notices
Date: Sat, 14 March 2020

The Coronavirus (“COVID-19”) outbreak is an increasing concern and has been impacting many businesses worldwide. The Cayman Islands Monetary Authority (“CIMA”) is proactively monitoring the COVID-19 outbreak and its effect on our operations. While the situation continues to evolve, the health, safety and physical well-being of our staff, stakeholders and licensees remain top priority. As the primary financial services sector regulator in the Cayman Islands, we also want to ensure the continuity of the islands’ financial services business operations and delivery of key services at the highest level. 

Following recommendations of the local government and international health authorities, CIMA has already taken precautionary measures to ensure increased safety of its staff, stakeholders and licensees. We have invoked a non-essential travel policy for staff during the month of March. Persons are also encouraged to utilise available audio and video conferencing to conduct international meetings in which CIMA is required to participate. Licensees and industry representatives should also take advantage of services that do not require a visit to CIMA offices. Additionally, we have implemented elements of our business continuity plan which include comprehensive provisions for key staff to work remotely through a secure platform.

We appreciate that this global outbreak may require some level of flexibility as we work together to mitigate any risks and minimise disruptions. Therefore, in the event that CIMA becomes directly affected by COVID-19, we will continue to evaluate our business continuity plan and our resources. 

Rest assured that we will continue to monitor the situation and advise of any further changes that may affect CIMA operations. Important updates will also be available on our website.

Thank you for your understanding.

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