Issued to all Licenced Full and Restricted Securities Investment Business Licensees and Registered Persons, dated 3 January 2022
The Cayman Islands Monetary Authority (CIMA) has issued a circular reminding entities to undertake regular internal audits of their controls and infrastructure to ensure that they are suitably robust in consideration of the nature and scale of their operations.
Consequently, CIMA requests that all relevant entities registered under the Securities and Business Act (SIBA) – eg investment managers or advisors – provide CIMA with a schedule of the internal audit reviews scheduled for 1 January 2023 through to 31 December 2023.
SIBA entities are reminded that CIMA expects to receive any issued internal audit report within three (3) months following the completion of the review.
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