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 123 banks licensed as of June 2020. 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 123 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 9 Class A licensed banks in the Cayman Islands, with six of those carrying out retail services. The other 114 banks hold Class B licences and are mainly restricted to offshore transactions with non-residents. Of the 123 banks licensed in Cayman in the second quarter of 2020, 20 are from Europe, 21 from the USA, 21 from the Caribbean and Central America, 19 from Asia and Australia, 13 from Canada and Mexico, 27 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.
The impact of the COVID-19 crisis on jobs in the Cayman Islands has been widely felt. To help ease the burden for individuals, families and business, local banks have begun offering significant money saving initiatives. Read on to find out what your local bank is offering customers.