Benefits

Banking is a major industry with a total of 265 banks registered in the Cayman Islands. 18 banks have a Class A license granted by the Cayman Islands Monetary Authority to carry out business with both residents and non-residents. Of those 18 banks seven are in the retail business (Butterfield, Cayman National, Fidelity, First Caribbean, HSBC, RBC and Scotiabank). The remaining 247 banks hold a Class B license that restricts them to offshore business with non-residents, but does not allow for business dealings with residents.

Opening a business bank account

For a company incorporated in Cayman, the bank or trust company will need:
•    The full incorporation paperwork
•    A bank references from a current bank
•    A professional reference from an accounting or law firm
All directors, members and signatories to supply the information needed for a personal bank account.

Opening a personal bank account
Banks in the Cayman Islands are subject to strict know-your-customer and anti-money laundering regulations that require them to perform extensive due diligence checks on anybody wanting to open a bank account. This means if you wish to open a bank account or use financial services offered in the Cayman Islands, you will be asked to provide personal information in order to establish and confirm your identity, as required by Cayman law.

The following is a list of information/items required prior to the opening of a personal account:

• An original financial reference addressed to the bank indicating a satisfactory relationship of over three years and quoting approximate average balances maintained over the past six months.
• Your full name, residential address, telephone/fax numbers, nationality, date and place of birth, occupation, name and address of employer.
• Details regarding the purpose of the account.
• The nature and dollar volume of anticipated transactions through the account including the source of funding of initial and subsequent deposits.
• A notarised clear copy of your passport or driver’s license (with photo showing).
• Confirmation of physical address (e.g. copy of a utility bill or driver’s license).

For accounts of non-resident individuals, most banks will in addition require original character references addressed to the bank directly from a law or an accounting firm.
Certification of identification is not required of persons who have been personally interviewed at the bank and from whom a photocopy of passport has been taken by bank personnel.
There are exceptional cases that are not covered by the above, where banks will be able to outline any further requirements.