Friday, 30 July 2021
JFGT (20210730-09:16:10 to UTF-8) ART 117 en => fr
Cayman Islands banks. Offshore accounts in Cayman
PDF Print E-mail
The Cayman Islands is a major provider of international financial services here in 2005, there were assets worth over $ 1 trillion owned by banks from more than 55 different jurisdictions - it is the second jurisdiction in the number of subsidiaries of large insurance corporations and leading location hedge funds. The banking system of the Cayman Islands is regulated by the independent Monetary Authority, which acts as the central bank. The administration is responsible for issuing dollar Cayman Islands and back-up sufficient assets (U.S. Treasury) to support all local notes and coins in circulation. In the Cayman Islands operate, approximately 500 banks and trust companies. Banks perform a variety of statutory functions, over 90% of their activities take interbank settlements. At the end of 2002, 30 banks had a license of type "A" and 353 - type B (five of which had a limited license). Among banks, type A, one bank is a private - a local bank Cayman Neshnl Bank, and 4 are international bank, serving the domestic market. These banks are the banks of the generic type, offering both banking and investment services, including mutual funds.

Most of the prevailing U.S. banks open accounts for one-time, which allows customers to pay a higher rate through an offshore branch (account with automatic transfer of funds). In addition to retail banking activities under the license of Class "A" and structured financial products for interbank payments, some banks provide corporate banking services only to their own group of companies are investing corporate investments for their headquarters, providing private banking services and manage the mutual funds. As in the banking and the insurance license of type "A" allows the licensee to provide a full range of services within the country and abroad, while the license of type "B" restricts the activities of international markets. Some provisions in force in some areas of law (banking, insurance, mutual funds), can give only a limited license allows us to serve only persons or companies listed in the license.

The banking sector Cayman Islands has received a category of country risk Aa3 by leading rating agency, and there are registered 47 of the 50 largest banks in the world. The banking sector Cayman Islands follow the recommendations of the Basel Committee on Banking Supervision. The Cayman Islands is a member of the Controllers of offshore banks and the Caribbean Group of Banking Supervisors - both of these organizations were established under the auspices of the Basel Committee. Banks are guided by the principle of "know your customer". These rules were approved by the IRS that allows institutions in the Cayman Islands to act as qualified intermediaries, in accordance with the rules of taxation through the residue (USA), introduced in January 1, 2001
In February 2002, the Cayman Islands government signed a bilateral agreement on exchange of information with the U.S.. The question of bank secrecy laws in the Cayman Islands was settled by a compromise solution, which IRS has access to the data of MasterCard and American Express U.S. citizens who have offshore assets in the Cayman Islands. With regard to those U.S. citizens with possible criminal records can be carried out further investigations.

Monetary Authority of Cayman Islands

Monetary Authority of Cayman Islands was established in accordance with the Law on the monetary circulation (hereinafter "the Act"), which entered into force on January 1, 1997 Earlier, responsibilities, duties and activities of the Department of Administration serves as the Financial Services Authority and the Monetary Board of the Cayman Islands that after the merger and formed the administration.

The main objectives of the Administration, according to the Act:

- Issue and redemption of bank notes and coins, the regulation of foreign exchange reserves;
- Providing and maintaining a stable currency;
- Ensuring the functioning of the financial system;
- Advising the government on banking and monetary issues;
- Assistance to foreign regulators.
The structure of the Administration, there are ten units;
- Operational;
- Foreign exchange transactions;
- Control of banking activities;
- Supervision of insurance activity;
- Control investments and securities;
- Policy and Development;
- Trust services;
- Ensuring compliance requirements;
- Legal;
- Office of Executive Director.

In March 2003, in accordance with the Law on the Monetary Authority (revised 2003), the latter became an independent body. This greatly expanded the possibilities of the Administration regarding compliance with international standards for monitoring, reporting and transparency, and more clearly defined its functions, powers, duties and rights.
The Board of Directors of Administration consists of leading local and foreign experts. The Council is responsible for making operational decisions, including issues of licensing and registration of financial institutions operating in the Cayman Islands or the Cayman Islands, which previously was in charge of the Cabinet. This change increased the efficiency in terms of licensing and control.

Financial Institutions

Some of the major banking institutions that operate in the Cayman Islands:

Ansbacher (Cayman) Limited - Banking & Trust (Ansbacher (Cayman) Limited - Banking & Trust)
Banco Komertsial Portuguesa SA - Banking & Trust (Banco Comercial Portugues, SA-Banking & Trust)
Bank Austria Cayman Islands Ltd. Aylendz. - Banking & Trust (Bank Austria Cayman Islands Ltd .- Banking & Trust)
The Bank s America, National Association - Banking & Trust (Bank of America, National Association - Banking & Trust)
Butterfield Bank (Cayman) Limited - Banking & Trust (Butterfield Bank (Cayman) Limited - Banking & Trust)
Caledonian Bank and Trust Limited - Banking & Trust (Caledonian Bank & Trust Limited - Banking & Trust)
Neshnl Cayman Bank Ltd.. - Banking & Trust (Cayman National Bank Ltd. - Banking & Trust)
Bank and Trust Company (Cayman) Limited - Banking & Trust (Bank and Trust Company (Cayman) Limited - Banking & Trust)
Coutts (Cayman) Limited - Banking & Trust (Coutts (Cayman) Limited - Banking & Trust)
Deutsche Bank (Cayman) Limited - Banking & Trust (Deutsche Bank (Cayman) Limited - Banking & Trust)
Dresdner Bank (Latinamerika Aktiengesellschaft - Banking & Trust (Dresdner Bank Lateinamerika Aktiengesellschaft - Banking & Trust)
Fidelity Bank (Cayman) Limited - Banking & Trust (Fidelity Bank (Cayman) Limited - Banking)
Karibian First International Bank (Cayman) Limited - Banking (First Karibian International Bank (Cayman) Limited - Banking (Caribbean International Bank (Cayman) Limited - Banking)
First Karibian International Finance Corporation, Banking & Trust (First Caribbean International Finance Corporation - Banking & Trust)
Fortis Bank (Cayman) Limited Banking & Trust (Fortis Bank (Cayman) Limited - Banking & Trust)
EychEsBiSi Faynenshial Services (Cayman) Limited Banking & Trust (HSBC Financial Services (Cayman) Limited - Banking & Trust)
Merrill Lynch Bank and Trust Company (Cayman) Limited Banking & Trust (Merrill Lynch Bank and Trust Company (Cayman) Limited - Banking & Trust)
Morval Bank and Trust Cayman Ltd - Banking & Trust (Morval Bank & Trust Cayman Limited - Banking & Trust)
Royal Bank of Canada - Banking (Royal Bank of Canada - Banking)
Royal Bank of Canada Trust Company (Cayman) Limited - Banking & Trust (Royal Bank of Canada Trust Company (Cayman) Limited - Banking & Trust)
Skotiyabank and Trust (Cayman) Limited. - Banking & Trust (Scotiabank & Trust (Cayman) Ltd - Banking & Trust)
YuBiSi Fand Services (Cayman) Limited. - Banking & Trust (UBS Fund Services (Cayman) Ltd - Banking & Trust)

English (United Kingdom)Danish(DK)Russian (CIS)French (Fr)Italian - Italy