 Cayman Islands: Assessment of the Supervision and Regulation of the Financial Sector—Volume II—Detailed Assessment of Observance of Standards and CodesInternational Monetary Fund No 2005/092, IMF Staff Country Reports from International Monetary Fund Abstract: This paper reviews key findings of the detailed assessment of the Observance of Standards and Codes in the Financial Sector of the Cayman Islands. Banks in the Cayman Islands operate within a well-defined prudential regulatory framework, generally in accordance with Basel standards, that is, largely modeled after the framework currently in use in the United Kingdom. The two-tiered required minimum risk capital standards are significantly above those required by the Basel Capital Accord and are applied in practice based primarily on the perceived differences in risk related to bank ownership. Keywords: ISCR; CR; mutual fund; internal audit; senior management; banking sector; board of directors; capital base; managing director; amount of money; country risk; interest rate; due diligence; parent company; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Insurance; Mutual funds; Insurance companies; Caribbean (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2005/092 Ordering information: This working paper can be ordered from Access Statistics for this paper More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC. |
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