Update On Cayman Islands Supervisory Inspections

The Cayman Islands Monetary Authority ("CIMA") has published a Supervisory Issues and Information Circular ("Circular") summarising its findings from the onsite inspections it conducted of CIMA licensed entities last year. This advisory provides a summary of the key points only and we would be happy to advise in further detail if required.

Scope

There were 164 inspections in 2018, a 40% increase from 2017. Inspections are a key tool in CIMA's supervisory toolbox and the Circular is of particular interest in highlighting CIMA's key areas of focus, particularly given CIMA's focus on anti-money laundering and counter-terrorist financing ("AML/CFT") and sanctions compliance and its new powers to impose administrative fines.