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 94 banks licensed as of Q3 2023.
Accordingly to the latest stats, Cayman is ranked 15th internationally in terms of cross-border assets of US$503 billion, and 15th internationally by cross-border liabilities of US$470 billion booked by banks licensed in the Cayman Islands. 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 intra-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 94 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 11 Class A licensed banks in the Cayman Islands. The other 83 banks hold Class B licences. To see a list of the banks licensed in the Cayman Islands visit www.cima.ky.