Most Read Contributor in Cayman Islands, September 2016
Jamaica National Money Transfer, MoneyGram, and QuikCash have
established new arrangements that will allow them to continue
providing remittance services for Cayman Islands customers; and
Western Union remains in fruitful discussions with interested
parties, with the view of re-establishing operations as soon as
possible, said Ministry of Financial Services and Cayman Islands
Monetary Authority (CIMA) officials.
Fast Funds has advised CIMA that it will suspend its money
transfer services, effective today.
'I think the community is well aware by now that all
interested parties, and particularly the money services businesses
(MSBs), have been working diligently to resolve this issue',
said Minister of Financial Services Wayne Panton.
'However, what the community may not realise is the
complexity of meeting the commercial needs of the MSBs, banks, and
customers, while also ensuring that the new arrangements meet
global standards. This required careful consideration of all
factors, and both the Ministry and CIMA are glad that remittance
services will continue to be available for persons in Cayman who
rely on them'.
CIMA's Managing Director Cindy Scotland said the Authority
has reviewed the arrangements, and noted that MSBs will be fully
supervised by the authority, as they were previously.
'CIMA's regulation is vital from a reputational
standpoint, because our role is to provide the necessary
independent oversight of the MSBs' operations in order to
mitigate risks', she said.
Throughout the process, CIMA has assessed the possible options
under consideration against the local requirements and global
standards that must be met. 'This is essential in order to
maintain and uphold the high level of confidence that persons have
in Cayman as a well-regulated financial services centre', said
Both Minister Panton and Mrs Scotland thanked the MSBs for their
efforts in this matter.
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On the 9 September 2016 the MFSA issued feedback to its consultation of the 1 April 2016 in relation to intra-group loans.
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