Cayman Islands
Cayman Islands banks: Category A and B licences
The Cayman Islands Monetary Authority (CIMA) regulates banking and trust business under the Banks and Trust Companies Act. Banking permissions include Category A, Category B and restricted Category B licences, which differ in their permitted activities and customers. A CIMA-licensed financial group is therefore not automatically a retail bank open to all applicants. Licence classification is central to understanding what a firm can actually offer.
The Cayman Islands dollar (KYD) is the local currency, while international financial arrangements may be denominated differently. Banking sits alongside trust administration, investment funds and asset management in the territory's financial sector. These activities have different contractual structures. Cash placed on deposit with a bank should not be confused with assets held in trust or invested through a fund simply because the provider belongs to the same corporate group.