The Cayman Islands are world renowned as a major international banking centre. As of end of December 2007, there are 281 banks currently on the Island, of which 258 are branches or subsidiaries of international financial institutions originated from 45 different countries.
These banks reported total assets of over US$ 1,900 Billion on September 2007.Cayman Islands banks are bound by strict Know Your Customer (KYC) framework and regulated by the Cayman Islands Monetary Authority in accordance with the Basel Core principles for Effective Banking Supervision. The jurisdiction has recently received accolades from the IMF, the FATF and the CFATF for the quality of its regulatory regimen.The Cayman Islands offers three different types of banking licences, all of which are issued under the Banks & Trust Companies Law.