The Cayman Islands Monetary Authority has implemented and updated new guidelines for internal controls in the financial services sector.
The new guidance issued by CIMA addresses plain old internal controls. These new and updated guidelines transcend many sectors of the financial services industry in the Cayman Islands, including the Insurance industry, those providing Fiduciary Services including Trust Companies, Company Managers, and Corporate Service Providers and Securities Investment Businesses and banks.
Given this new guidance and combined with a global environment of increasing and evolving regulation, it is no surprise that senior management are faced with sleepless nights contemplating how to address this regulatory onslaught and the consequences of non-compliance.
CIMA’s new guidance encompasses a broad range of internal control objectives, and are designed to ensure that comprehensive internal audit programmes are in place throughout the financial services sector.