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The Cayman Islands Financial Industry

The Cayman Islands financial industry is a major component of the economy and is an integral part of maintaining a stable and healthy economic situation. The financial services sector in the Cayman Islands is a sophisticated and mature one that offers a number of top-quality banking, legal, investment, asset protection, insurance and wealth management services.

A Strong Banking Tradition

Having a rich and varied banking heritage is one of the many reasons why the Cayman cayman financial review Islands is such an attractive jurisdiction for financial service providers. This includes a strong network of international banking and finance experts as well as a highly experienced work force.

A Stable Legal System

The legal system in the Cayman Islands is geared to providing the highest standards of professional services while preserving a level of confidentiality that is unparalleled in the offshore world. It is also a reputable and dependable jurisdiction, with a judicial system that is well-versed in dealing with complex commercial disputes and a high degree of expertise in the field of international law.

A Strong & Adaptable Banking Culture

As a global financial center, the Cayman Islands has adapted to the various changes that have taken place in banking regulations over the past few years. The result is that Cayman’s banks are able to continue providing high-quality banking services with maximum privacy and security, all while retaining their position as a leading offshore banking centre.

Moreover, Cayman’s banking sector is able to offer a wide range of financial services to its domestic and foreign clients in various sectors including corporate, retail, and premier banking, fiduciary and trust advisory, fund administration and investment management. This has facilitated the growth and development of the Cayman Islands financial sector as a whole, attracting both local and international clients.

A Deep Roster of Experienced Financial Professionals

The Cayman Islands is home to an experienced work force that has been well-trained and seasoned in the fields of accounting, taxation, investment and offshore banking. This concentration of professionals has helped the Cayman Islands maintain its reputation as a first-rate offshore financial center.

Banks in the Cayman Islands are regulated by the Cayman Islands Monetary Authority (CIMA). CIMA exercises supervisory and regulatory control over the financial services industry in the Cayman Islands and is primarily responsible for ensuring that the financial sector meets internationally-accepted standards of conduct.

It is important to note that adherence to the Basel Committee on Banking Supervision is critical to achieving this goal, and CIMA is an active member of the Basle Committee’s Offshore Group of Bank Supervisors.

Privately Owned Banks

The majority of Cayman’s banking sector is dominated by privately owned, locally-based banks. These institutions have a more personal approach than their larger counterparts, allowing them to provide greater privacy and security for depositors.

In addition to the many local banks, there are a handful of large banks that can serve their clients with a variety of services from corporate, investment and retail banking to fiduciary and trust advisory, fund and investment management. Among these are a sizeable local bank that has been serving its clientele since 1974 and a well-established private bank that does not have a foreign parent company, offering added security for depositors.

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