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Organizational Structure and Decision-Making Processes of the Cayman Islands Monetary Authority (CIMA)

The Cayman Islands Monetary Authority (CIMA) is responsible for regulating and supervising financial institutions in the Cayman Islands. This excerpt from CIMA’s regulatory handbook outlines the organizational structure and decision-making processes within the authority, with a focus on licensing and supervision.

Board Responsibilities

The Board of CIMA is responsible for making enforcement decisions, except in cases where:

  • The Money Laundering Reporting Officer/Delayed Money Laundering Reporting Officer (MLRO/DMLRO) has a reporting obligation
  • New license applications under SIBL have been delegated to the Management Committee (MC)

Executive Committee

The Executive Committee is composed of locally based Authority Directors, including:

  • Chairman and Deputy Chairman of the Board

Their responsibility includes making enforcement decisions related to institutions without a CIMA license.

Sub-Committees

While no sub-committees have been established at this time, potential responsibilities may include:

  • Reviewing financial position and results
  • Financial reporting process
  • Internal control
  • Audit process
  • Mission and goals
  • Strategic plan
  • New regulatory policies
  • Relationships with other organizations

Management Committee (MC)

The MC is composed of the Managing Director as Chairperson, Deputy Managing Director, Legal Counsel, Heads of Regulatory Divisions, or designated representatives. Their primary role is licensing, and they consider issues that impact the Authority.

Questions Arising from this Text

Some questions arise from this text:

  • What are the specific responsibilities of the MLRO/DMLRO in reporting to CIMA?
  • How does the MC ensure fairness and impartiality in the licensing process?
  • What are the consequences for institutions that do not comply with CIMA regulations?

Additional Context Needed

To provide a more comprehensive answer, it would be helpful to have additional context or clarify any ambiguities in the text.