• FATF grey list removal: One of the year’s major milestones was the removal of the Cayman Islands from the Financial Action Task Force's (FATF) grey list, signifying global confidence in the country’s compliance with anti-money laundering and counter-terrorism financing standards.
• Strategic plan 2024-2026: CIMA launched its new strategic plan, outlining objectives for financial stability, enhancing regulatory frameworks and preparing for the 5th round of FATF evaluations.
• Organisational review and growth: An extensive review of CIMA’s organisational structure was conducted, with changes being implemented gradually to improve efficiency.

• Regulated funds: The number of regulated funds increased to 29,353, with a 4.4 per cent rise in private funds.
• Banking sector: Though the number of licensed banks fell from 94 to 87, the sector remained stable, supported by retail deposits.
• Insurance and fiduciary services: Insurance licensees grew to 683, and fiduciary services saw a slight increase in licenced entities.

• CIMA enhanced its regulatory framework to ensure domestic financial stability and launched a Financial Stability Report to assess systemic risks. This work provided a comprehensive assessment of the local financial system's health, highlighting key trends and vulnerabilities.
• A dedicated division for supervising Virtual Asset Service Providers (VASPs) became operational, reflecting the growing importance of digital assets and continued its robust on-site inspection regime, throughout 2023.

For detailed information, the 2023 Annual Report can be found here.