THE CAYMAN ISLANDS MONETARY AUTHORITY HAS FOUR PRINCIPAL FUNCTIONS
Monetary - The issue and redemption of Cayman Islands currency and the management of currency reserves.
Regulatory - The regulation and supervision of financial services, the monitoring of compliance with money laundering regulations, the issuance of a regulatory handbook on policies and procedures and the issuance of rules and statements of principle and guidance.
Cooperative - The provision of assistance to overseas regulatory authorities, including the execution of memoranda of understanding to assist with consolidated supervision.
Advisory - The provision of advice to the Government on monetary, regulatory and cooperative matters.
OBLIGATIONS
Among the Monetary Authority's obligations in carrying out its functions are the requirements to:
Act in the best economic interests of the Cayman Islands.
Promote and maintain a sound financial system in the Cayman Islands.
Use its resources in the most efficient and economic way.
Have regard to generally accepted principles of good corporate governance.
Endeavor to promote and enhance market confidence, consumer protection and the reputation of the Cayman Islands as a financial centre.
Reduce the possibility for the use of financial services business for money laundering or other crime.
Recognise the international character of financial services/markets and the need to be competitive for consumers and suppliers while complying with appropriate and relevant international standards.
Recognise the principle that a burden or restriction that is imposed should be proportionate to its expected benefits.
Recognise the desirability of facilitating innovation in financial services business.
