The following reputable banks in the Cayman Islands offer accounts, online banking, ATMs, wire transfers, utility payments services and much more.
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 December 2021. 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.
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 10 Class A licensed banks in the Cayman Islands. The other 91 banks hold Class B licences. To see a list of the banks licensed in the Cayman Islands visit www.cima.ky.