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 employees
• Statements 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

Guidance Notes (Amendment) - Sector Specific Guidance - Virtual Asset Service Providers:

1. Private Sector Consultation Cover Letter 
2. Private Sector Consultation Paper 
3. Appendix 1 

See our prior consultation to view measures previously issued.