CIMA announces regulatory policy revisions in effect
(CNS Business): Revisions to two Cayman Islands financial services regulatory policies, one relating to the licensing and approving of money services business and the other to the licensing of banks, are now in effect. The revisions were approved by the Board of Directors of the Cayman Islands Monetary Authority (CIMA) and came into effect Monday with the publication of the revised policies in the Gazette.
The Regulatory Policy on Licensing and Approving Money Services Business outlines distinct criteria for licensing principals and approving agents; clarifies principals’ obligation to oversee agents’ anti-money laundering practices; and establishes criteria for what would be considered a suitable place of business.
Key changes in the revised Policy on Licensing Banks include enhancements to the criteria for licensing home regulated banks as well as to those requirements that pertain to the management and control and the track record of applicants.
 Regulatory Policy Licensing and Approving Money Services Business (GAZETTE) SEP 2014
Regulatory Policy on Licensing Banks (2014)
These policies may be accessed on the CIMA website via the Regulatory Framework tab.
Category: Finance, Financial Services
