Cayman Islands Regulated Entities and Internal Controls
Regulated entities operating within the jurisdiction of the Cayman Islands are now subject to newly implemented rules by the Cayman Islands Monetary Authority (CIMA) concerning internal controls. These rules, which took effect on October 14, 2023, aim to enhance the operational integrity of businesses, protect client assets, maintain precise record-keeping, and ensure the generation of credible financial, operational, and regulatory reports. The regulation delineates five essential components that regulated entities must adhere to in order to meet the internal control…...