The Cayman Islands Monetary Authority (CIMA) has launched its fee payment section of the Regulatory Enhanced Electronic Forms Submission (REEFS) system for authorised financial services industry users.
Initially launched in January 2015, REEFS is an online portal for electronic submissions of required information to CIMA.
The new payment section will be carried out in two phases. Currently underway, phase 1 allows entity authorised users to view all applicable fees which are currently due or overdue, including historical payments. Users are also able to track relevant fees, and sort by groups such as fee category, due date, and covered entity.
Cindy Scotland, CIMA’s managing director, said, “As each stage of the online fee payment system continues to unfold, this will provide more efficiency for the Authority, while providing a convenient service for our licensees and stakeholders.
“Although there is still work to be done before its final stages, I trust that this new service will allow the Cayman Islands to maintain its position as a leading jurisdiction within the global financial services industry.”
As part of phase 2, all authorised users will soon have the ability to make online payments. This phase is expected to take place during the third quarter of 2017.
To guarantee a smooth transition, the Authority said it will ensure that users are provided with the necessary training and guidance on the new fee payment module. This will include instructions on assigning fee payment roles and work flows.
CIMA, Cindy Scotland, Cayman Islands Monetary Authority, Regulatory Enhanced Electronic Forms Submission, Cayman Islands