Regulated by the Cayman Islands Monetary Authority (CIMA), banking in the Cayman Islands is a major part of Cayman’s financial sector, with 101 banks licensed as of March 2022.
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Of these, 10 hold Class A licences and are permitted to carry out local and international business. The other 101 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 the international markets.
Cayman is ranked 16th internationally in terms of cross-border assets and 14th for cross-border liabilities, at US$578 billion and US$537 billion respectively in December 2020. 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, counter-terrorism proliferation financing laws, which are recognised as meeting or exceeding those of all major onshore jurisdictions.
The 101 banks licensed in Cayman are split into A and B classes, with the former licence permitting banks to carry out local and international business. There are currently 6 retail and 4 non-retail Category A licensed banks in the Cayman Islands. The other 91 banks hold Category B licences and are mainly restricted to offshore transactions with non-residents. Of the 101 banks licensed in Cayman in the first quarter of 2022, 13 are from Europe, 14 from the USA, 19 from the Caribbean and Central America, 16 from Asia and Australia, 12 from Canada and Mexico, 24 from South America and two from the Middle East and Africa. To see a list of the banks licensed in the Cayman Islands visit www.cima.ky.
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.