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The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands and supervises its currency board. [2]The CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides assistance to overseas regulatory authorities and advises the Cayman Islands government on financial-services regulatory matters.
The Cayman Islands dollar has been pegged to the United States dollar at 1 Cayman Islands dollar = 1.2 U.S. dollars since 1 April 1974, when the Currency Law of 1974 was enacted. [2] In 1983, the 1974 law was repealed and replaced by the Currency Law Revised, which itself was replaced in 1997 by section 22 of the Monetary Authority Law. [ 4 ]
The business and affairs of a Cayman Islands company are usually managed by its board of directors. [23] The board must consist of one or more persons, and these may be individuals or companies. Directors owe strict duties of good faith to exercise their powers for a proper purpose and in the best interests of the company. [24]
The CDD rule enhances CDD requirements for "U.S. banks, mutual funds, brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities. [3]" The CDD rule requires that financial institutions identify and verify the identity of customers associated with open accounts. The CDD rule has four core requirements: [3]
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The law of the Cayman Islands is a combination of common law and statute, and is based heavily upon English law. Law in the Cayman Islands tends to be a combination of the very old and the very new. As a leading offshore financial centre , the Cayman Islands has extremely modern statutes dealing with company law , insolvency , banking law ...
The Cayman Islands is the fifth-largest banking centre in the world, [16] with $1.5 trillion in banking liabilities as of June 2007. [14] In March 2017 there were 158 banks, 11 of which were licensed to conduct banking activities with domestic (Cayman-based) and international clients, and the remaining 147 were licensed to operate on an ...
CDD, commercial due diligence, where a target company's commercial status – the market position of its products and/or services – is reviewed, ITDD, IT due diligence, where a target company's IT environment is reviewed, ICDD, intellectual capital due diligence, where a company's intellectual capital is analyzed and assessed,