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Cayman Islands’ Financial Regulatory Bodies: Key Statistics and Developments

The Cayman Islands Monetary Authority (CIMA) has released its latest statistics, providing a snapshot of the islands’ financial landscape.

Currency and Banking

  • Total currency in circulation stood at $164.2 million as of March 31, 2024.
  • The number of banks operating in the Cayman Islands rose to 87 by December 2023.
  • Category A banks, which are subject to more stringent regulations, increased to 11 by March 2024.

Trust and Fiduciary

  • The total number of trust companies reached 133 as of December 2023.
  • Unrestricted trusts accounted for 56% of the total, while restricted trusts made up 20%.
  • Nominee trusts numbered 21, with private trust companies standing at 152.

Funds and Securities

  • The Cayman Islands is home to 12,893 mutual funds as of June 30, 2024.
  • Of these, 8,769 are registered, while master funds accounted for 3,182.
  • Private funds numbered 17,020, with mutual fund administrators standing at 70.

Insurance

  • The number of insurance companies operating in the Cayman Islands reached 715 as of March 2024.
  • Class B insurance companies made up 666 of this total, while insurance managers numbered 19.
  • Insurance brokers and agents also reported a significant presence, with 22 brokers and 38 agents.

Regulatory Developments

  • CIMA has recently appointed a new Head of Investments.
  • The authority will close early on July 17 to facilitate staff training.
  • In April, CIMA issued guidance on the risks associated with contracts for differences (CFDs).

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