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Banking in The Cayman IslandsThe Cayman Islands financial services industry developed, along a path similar to that in other offshore centers, on the strength of private banking.While meeting the needs of high net worth individuals is still an important aspect of the banking industry, recently the focus has moved very much towards institutional business.Based on a tradition of innovation and excellence, the Cayman Islands are regarded as one of the world's premier international financial centres. Cayman's clientele have access to a wide array of services including banking, trusts, mutual funds, company management, structured financing, shipping registration, accounting, insurance, and listings on the stock exchange. Supporting this array of services are highly skilled legal, accounting and other professional advisors. These factors combine to make Cayman the jurisdiction of choice amongst sophisticated investors. Given the proven regulatory regime, innovative approach, and client focus, the Cayman Islands remain committed to delivering an environment for business at its best. BankingThroughout the international financial community, the Cayman Islands is recognized as a sophisticated, mature and diverse financial centre. As a premier financial services jurisdiction, Cayman attracts the world's leading accounting, legal and investment firms, and the banking industry remains a cornerstone of Cayman's success.Currently, there are just under 600 banks and trust companies in The Cayman Islands, including 43 of the 50 largest banks in the world. Adherence to the regulatory standards of the Basle Committee on Banking Supervision is fundamental to the regulatory approach, and the Cayman Islands is an active member of the Basle Committee's Offshore Group of Bank Supervisors. |
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In addition, there exists a unique combination of stability, innovative legislation, commercial strength, Government support, and the absence of corporate, capital gains, income, payroll and withholding taxes, on domestic or foreign entities. Banks subscribe to the "know your client" tenet, and the Cayman Islands as a jurisdiction maintains a robust anti-money laundering regime which extends to the proceeds of all serious crime as defined under the 'gateway' legislation. The Cayman Islands welcome only substantial, recognized, well run banks and, as a result, banks with household names from all corners of the globe are taking advantage of Cayman's modern facilities to conduct international business. These banks are licensed under the Banks & Trust Companies Law (2001 Revision). Cayman offers a full range of banking products for local and nonresident clients. Deposit, savings, and checking accounts are widely available at many banks with competitive interest rates offered in all major currencies. Time deposits are particularly popular, although it should be realized that interest rates correspond to prevailing international rates at any given time. Other services readily available include letters of credit, foreign exchange, guarantees, safe custody, commercial loans, and mortgages. The Cayman domestic banking scene reflects a buoyant economy making the industry one of the largest employers on the Island. This status ensures an experienced work force well able to respond to market trends. The supporting infrastructure in the Cayman Islands is modern and sophisticated. Real-time online access to the world's major financial markets meet the needs of clients who demand cross-border services equal to those of New York or London.
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