Consultation

The Cayman Islands Monetary Authority (CIMA) has long recognised that the success of its initiatives is dependent on the extent to which licensees collaborate with CIMA in their implementation. 

Consultation Measures

Private sector consultation is required in relation to the issuance or amendment of:

• Rules or statements of principle or guidance concerning the conduct of licensees and their officers and employeesStatements of guidance concerning the requirements of the money laundering regulations
• Rules or statements of principle or guidance to reduce the risk of financial services business being used for money laundering or other criminal purposes

Form of Consultation

Proposed measures for consultation are sent to the private sector associations along with:

• an explanation of the purpose behind the measure
• the reasoning for the measure
• an explanation of how other countries and territories have adopted the measures
• an estimate of the associated costs and benefits

The standard period for consultation is 30 days.

Matters Open for Consultation

Rule and Statement of Guidance on Actuarial Valuations

PSCP Rule and Statement of Guidance on Actuarial Vaulations*View

Private Sector Association Extension Cover Letter RSOG Actuarial Valuations*View

Private Sector Association Consultation Cover letter RSOG Actuarial Valuations *View

Rule and Statement of Guidance - Actuarial Valuations *Vie

Rule on Effective Compliance Programme for the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation Financing for Financial Services Providers

PSCP - Rule on Effective Compliance Programme for the Prevention and Detection of ML, TF, PF, for Financial Services Providers & Rule on Compliance with Financial Sanctions and Targeted Financial Sanctions*View

Rule - Effective Compliance Programme for the Prevention of Money Laundering Terrorist Financing and Proliferation Financing *View

Private Sector Consultation Letter - AML Compliance Programme_Sanction Rules *View

Rule on Compliance with Financial Sanctions and Targeted Financial Sanctions

PSCP - Rule on Effective Compliance Programme for the Prevention and Detection of ML, TF, PF, for Financial Services Providers & Rule on Compliance with Financial Sanctions and Targeted Financial Sanctions*View

Rule - Compliance with Financial Sanctions and Targeted Financial Sanctions *View

Private Sector Consultation Letter - AML Compliance Programme_Sanction Rules *View

See our prior consultation to view measures previously issued.