International Cooperation

The Cayman Monetary Regulatory Authority International (Cmrai) engages in international cooperation primarily through information exchange as outlined in the Monetary Authority Act. This is facilitated by memoranda of understanding and similar agreements, along with Cmrai's active involvement in global forums and initiatives.

Information Sharing with Regulators

The Cayman Islands does not enforce financial institution secrecy laws that would impede the implementation of the Financial Action Task Force Recommendations, including the access and retrieval of information by financial regulators and law enforcement agencies.

The Confidential Information Disclosure Act imposes statutory confidentiality obligations; however, it includes provisions that allow confidential information to be shared without breaching the law.

This legislation also permits the sharing of information with home country financial regulators regarding the operations of foreign banks' branches and subsidiaries located in the Cayman Islands. As a result, Cayman Islands laws do not prevent the sharing of relevant information with foreign financial regulators for the purpose of consolidated supervision.

Request for Assistance from Overseas Regulatory Authorities

The Cmrai Regulatory Handbook outlines what qualifies as an overseas regulatory authority (ORA) and the procedures Cmrai follows upon receiving a request for assistance from an ORA.

Memoranda of Understanding

The Regulatory Handbook also defines the criteria for establishing a memorandum of understanding with an overseas regulatory authority, detailing the terms and conditions for information exchange and investigative assistance.

Participation in International Bodies

To fulfill its regulatory and supervisory responsibilities, Cmrai actively participates in various international organizations, including:

• Caribbean Financial Action Task Force
• Group of International Finance Centre Supervisors
• Working Group on Cross Border Banking
• Caribbean Group of Banking Supervisors
• Association of Supervisors of Banks of the Americas
• Group of International Insurance Centre Supervisors
• International Association of Insurance Supervisors
• Offshore Group of Collective Investment Scheme Supervisors
• International Organization of Securities Commissions

This participation ensures that the Cayman Islands stays informed about developments impacting offshore financial centers and plays an active role in shaping international regulatory standards.