Regulated by the Cayman Islands Monetary Authority (CIMA), banking in the Cayman Islands is a major part of Cayman’s financial sector, with 123 banks licensed as of June 2020.
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The total international (cross-border positions in all currency and domestic positions in foreign currency) assets and liabilities were reported as US$663 billion and US$662 billion respectively in December 2019. Cayman is ranked 14th internationally in terms of cross-border assets and also 13th for cross-border liabilities. The majority of these banks are branches, subsidiaries and affiliates of established international financial institutions conducting business in the international markets. More than 80% of those international assets represent inter-bank bookings between onshore banks and their branches, subsidiaries, affiliates and other Cayman Islands’ licensed banks.
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 laws, which together with Know-Your-Customer (KYC) regulations, 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.