Tag: CIMA

De-risking threatens US dollar access for Cayman Banks

De-risking threatens US dollar access for Cayman Banks

| 05/04/2016 | 8 Comments
(CNS Business): De-risking by US banks, which left the overseas money transfer services firms unable to operate in Cayman for some time last year, still threatens to cause a much bigger crisis for the financial services industry, with the practice of closing bank accounts deemed to be too risky focu [...]

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Cayman National ‘regrets’ affiliates’ tax scandal

Cayman National ‘regrets’ affiliates’ tax scandal

| 10/03/2016 | 17 Comments
(CNS Business): Cayman National Corporation (CNC) was quick to pass off revelations that its subsidiaries had, for more than ten years, assisted US account holders in massive tax evasion as an historic issue that impacted lots of other banks around the world. In a statement Thursday the corporation [...]

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Caledonian makes ‘no fine’ secret deal with SEC

Caledonian makes ‘no fine’ secret deal with SEC

| 19/12/2015 | 25 Comments
(CNS Business): A confidential circular sent to the creditors of the Caledonian Bank Limited (CBL), which was brought down following an investigation by the US Securities and Exchange Commission (SEC), has revealed that despite the probe bringing the Cayman-based bank to its knees, there will be no [...]

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Captive industry still awaits CIMA figurehead

Captive industry still awaits CIMA figurehead

| 07/12/2015 | 4 Comments
(CNS Business): As CIMA updated delegates at the Cayman Captive Forum on its licensing activity and regulatory developments, it was unable to provide the update that many international clients have been waiting for, which is a new head of insurance supervision. Morag Nicol has been acting head of in [...]

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CIMA under fire in Caledonian saga

CIMA under fire in Caledonian saga

| 23/11/2015 | 22 Comments
(CNS Business): The Cayman Islands Monetary Authority (CIMA) is in the firing line for failing to support Caledonian, as the fallout from the bank’s collapse continues. Published court documents showed there was no need for the freezing order on its US assets, which ultimately led to Caledonian’ [...]

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Financial industry facing up to outsourcing rules

Financial industry facing up to outsourcing rules

| 21/10/2015 | 1 Comment
(CNS Business): Keeping up its focus on improving the way business is conducted in Cayman, the Cayman Islands monetary Authority (CIMA) has laid down guidelines for the financial services industry on how firms may outsource key activities and regulatory functions. By introducing these rules, CIMA i [...]

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CIMA takes aim at corporate governance standards

CIMA takes aim at corporate governance standards

| 10/09/2015 | 0 Comments
(CNS Business): The Cayman Islands Monetary Authority (CIMA) is seeking to raise standards of corporate governance across the financial sector, building on its previous directives for the investment fund sector and bringing Cayman into line with international best practice. The regulator kicked off [...]

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Fraud expert joins KRyS Global

Fraud expert joins KRyS Global

| 13/08/2015 | 0 Comments
(CNS Business): Cayman-based fraud investigation and asset recovery firm, KRyS Global, which was recently retained by the Cayman Islands Monetary Authority to help conduct forensic audits on the authority, has now hired Kevin Haywood Crouch as Global Head of Forensics and Consulting. Last week CIMA [...]

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Boards put block on CIG’s choices for CIMA directors

Boards put block on CIG’s choices for CIMA directors

| 10/08/2015 | 10 Comments
(CNS Business): Two people recently appointed by Cabinet to sit on the Cayman Islands Monetary Authority board have been prevented from taking up their seats as a result of objections from the private sector entities where they work, stopping them from accepting the voluntary posts. Of all governmen [...]

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Offshore lawyer to head regulatory board

Offshore lawyer to head regulatory board

| 29/07/2015 | 2 Comments
(CNS Business): The former managing partner at Walkers, Grant Stein  is the new chair of the Cayman Islands Monetary Authority. Stein replaces George McCarthy, the former chief secretary, at the regulator, which oversees the islands’ offshore sector. Financial Services Minister Wayne Panton confi [...]

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CIMA fills deputy spots in key divisions

CIMA fills deputy spots in key divisions

| 07/07/2015 | 0 Comments
(CNS Business): Cayman’s offshore regulator has filled two of its vacant senior posts with the appointment of deputies heads of departments. The Cayman Islands Monetary Authority (CIMA) said Razaak ‘Raz’ Busari had been appointed as deputy Head of Insurance Supervision Division last month whil [...]

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SEC reduces injunction on Caledonian’s US assets to $7M

SEC reduces injunction on Caledonian’s US assets to $7M

| 27/03/2015 | 26 Comments
(CNS Business): The US Securities and Exchange Commission reduced the freeze on the beleaguered Caledonian Bank’s assets this week from $76 million to just $7 million, the creditors have revealed. The bank was brought to its knees when the SEC filed suit against it and its bosses over an alleg [...]

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Liquidators call first creditors’ meeting for Caledonian

Liquidators call first creditors’ meeting for Caledonian

| 24/03/2015 | 0 Comments
(CNS Business): Creditors for Caledonian bank are scheduled to have their first meeting with the liquidators next month as they begin the process of finding out who the bank owes and how much. One of Cayman’s oldest offshore banks, Caledonian and Caledonian Securities were brought to their knees [...]

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CIMA denies getting Caledonian owners wrong

CIMA denies getting Caledonian owners wrong

| 02/03/2015 | 23 Comments
(CNS): The local regulator has stated that it is “well aware of the various parties in the ownership structure of the Caledonian group”, refuting claims by the Miami-based watchdog, OffshoreAlert, that CIMA had named the wrong beneficial owner in the liquidation petition. Meanwhile, li [...]

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Caledonian in liquidation as CIMA revokes licences

Caledonian in liquidation as CIMA revokes licences

| 24/02/2015 | 0 Comments
(CNS Business): Controllers appointed by CIMA to oversee the affairs at the beleaguered Caledonian Bank and Caledonian Securities have been officially named by the local regulator as the joint official liquidators. Following the controllers’ interim report, the Cayman Islands Monetary Authorit [...]

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