Regulated by the Cayman Islands Monetary Authority (CIMA), banking in the Cayman Islands is a major part of Cayman’s financial sector, with 86 banks licensed as of March 2024.
On This Page
Of these 86 banks, 11 hold Class A licences and are permitted to carry out local and international business. The other 75 banks hold Class B licences and are mainly restricted to offshore transactions with non-residents. The majority of these banks are branches, subsidiaries and affiliates of established international financial institutions conducting business in international markets.
Of the 86 banks licensed in Cayman in the first quarter of 2024, 11 are from Europe, 8 from the USA, 16 from the Caribbean and Central America, 16 from Asia and Australia, 10 from Canada and Mexico, 23 from South America and two from the Middle East and Africa. To see a list of the banks licensed in the Cayman Islands visit the Cayman Islands Monetary Authority's website: www.cima.ky.
In December 2022, Cayman was ranked 18th internationally based on the value of cross-border assets and 18th in terms of cross-border liabilities, at US$472.5 billion and US$424.3 billion, respectively. A testament to the worldwide recognition of the quality of Cayman’s financial industry is the fact that over 40 of the world’s top 50 banks hold licences in Cayman. The banking sector hires highly skilled professionals and is one of the most prominent employers on the Island. Cayman Islands’ banks are bound by strict anti-money laundering, counter-terrorism and proliferation financing laws, which are recognised as meeting or exceeding those of all major onshore jurisdictions.
If you would like information on opening a personal bank account in the Cayman Islands or on opening a business bank account in Cayman please see these pages. For information on local banks please see below.
