Revisions to two regulatory policies approved by the Board of Directors of the Cayman Islands Monetary Authority (CIMA) have come into effect with the publication of the revised policies.
These policies relate to the licensing and approving of money services business, and to the licensing of banks.
The Regulatory Policy on Licensing and Approving Money Services Business outlines distinct criteria for licensing principals and approving agents; clarifies principals’ obligation to oversee agents’ anti-money laundering practices; and establishes criteria for what would be considered a suitable place of business.
Key changes in the revised Policy on Licensing Banks include enhancements to the criteria for licensing home regulated banks as well as to those requirements that pertain to the management and control and the track record of applicants.
CIMA
