After being established in 2004, “TradeViewForex” was approved by “Cayman Islands Monetary Authority (CIMA)” and was recognized as an official FX broker.
Perhaps you think that it is doubtful because it is a place you do not know so much, listening to the Cayman Islands. However, in fact, it boasts top-level reliability in the financial industry.
Let’s explain how reliable “Cayman Islands Monetary Authority” is in order to understand more how trusted “TradeViewForex” is a broker!
Outline of “Cayman Islands Monetary Authority (CIMA)”
■The Cayman Islands Monetary Authority has four principal functions:
- Monetary – The issue and redemption of Cayman Islands currency and the management of currency reserves.
- Regulatory – The regulation and supervision of financial services, the monitoring of compliance with money laundering regulations, the issuance of a regulatory handbook on policies and procedures and the issuance of rules and statements of principle and guidance.
- Cooperative – The provision of assistance to overseas regulatory authorities, including the execution of memoranda of understanding to assist with consolidated supervision.
- Advisory – The provision of advice to the Government on monetary, regulatory and cooperative matters.
■Among the Monetary Authority’s obligations in carrying out its functions are the requirements to:
- act in the best economic interests of the Cayman Islands;
- promote and maintain a sound financial system in the Cayman Islands;
- use its resources in the most efficient and economic way;
- have regard to generally accepted principles of good corporate governance;
- endeavor to promote and enhance market confidence, consumer protection and the reputation of the Cayman Islands as a financial centre;
- reduce the possibility for the use of financial services business for money laundering or other crime;
- recognise the international character of financial services/markets and the need to be competitive for consumers and suppliers while complying with appropriate and relevant international standards;
- recognise the principle that a burden or restriction that is imposed should be proportionate to its expected benefits;
- recognise the desirability of facilitating innovation in financial services business;
- be transparent and fair.
Quote source: What We Do? – CIMA
|Name||Cayman Islands Monetary Authority|
|Number of financial institutions to be supervised||Over 10000 companies|
|Other||Member of “IOSCO”|
※”IOSCO” is an organization that regulates global securities markets and futures markets.
What is the Cayman Islands like?
The Cayman Islands is a British territory, known as a famous tourist destination for scuba diving. The standard of living is also quite high in the West Indies.
However, the Cayman Islands are not just sightseeing spots. The Cayman Islands also has aspects as a financial district. It is not known unexpectedly, but it is quite famous in the financial industry.
Of the 50 leading banks in the world, 40 banks have branches in the Cayman Islands and are known as the world’s second most captive entity. (Captive is the insurance company owned by the parent company to take over the risk of the parent company.)
It oversees more than 300 banks, more than 800 insurance companies, over 10000 funds, and is ranked high in FAFT’s rankings.
There is such trust in the Cayman Islands.
Is “Cayman Islands Monetary Authority” really safe?
“Cayman Islands Monetary Authority” is rated “AA-” by “rating company MOODYS”. And it is evaluated as low risk of economics, politics and finance.
In the Cayman Islands, the economy by banking and tourism is strong and the government is stable. And, except for import duty and stamp duty, it is tax free, and it has a very advantageous system for offshore banking.
About tax havens and anti money laundering
“Cayman Islands Monetary Authority” is focusing on solving problems related to tax havens and anti-money laundering.
In the financial services industry of the Cayman Islands, the culture of compliance with laws is strongly negotiated, and rules for preventing anti-money laundering have been established.
Currently, they are constantly collaborating with the government and enterprises through a society with good management. And still, I am devoting my efforts to anti-money laundering and tax havens countermeasures.