Financial Crime World

Organizational Structure and Decision-Making Processes

The Cayman Islands Monetary Authority Regulatory Handbook - Volume I provides a comprehensive outline of the organizational structure and decision-making processes of the Board and its committees.

The Board

Responsibilities

  • The Board is responsible for making all enforcement decisions, with the exception of MLRO/DMLRO matters.
  • This includes overseeing the overall strategy and direction of the Authority.

Code of Conduct and Conflict of Interest Code

  • Board members are subject to a Code of Conduct and Conflict of Interest Code, ensuring transparency and accountability in their decision-making processes.

Executive Committee

Responsibilities

  • The Executive Committee has responsibility for all enforcement decisions where the institution does not already hold a license from the Authority.
  • This includes making decisions related to licensing, regulation, and supervision.

Quorum and Decision-Making Process

  • A quorum of three local Directors is required to constitute a meeting.
  • Decisions are made by majority vote of those present.

Delegation of Power during Emergency Situations

  • During a state of emergency, the Board delegates power and authority to the Executive Committee, ensuring continuity in decision-making processes.

Sub-committees

Responsibilities

  • The Board may appoint committees additional to the Management Committee to assist in exercising its management functions.
  • Responsibilities include:
    • Reviewing financial positions
    • Identifying financial and audit matters
    • Developing strategic plans
    • Keeping under review legal and regulatory matters

Management Committee (MC)

Responsibilities

  • The MC is responsible for operational decision-making and considers all issues that impact on the Authority.
  • This includes making decisions related to regulation, supervision, and enforcement.

Quorum and Decision-Making Process

  • A quorum of at least two Heads of Regulatory Divisions must be present in addition to the Chairperson to constitute a meeting.
  • Decisions are made by majority vote of those present.