Statement by the Board of Directors of the Cayman Islands Monetary Authority (2017-10-17)

Summary

This is a public statement issued by the Board of Directors of the Cayman Islands Monetary Authority (CIMA) on 17 October 2017, providing an update on internal governance steps taken in connection with allegations concerning FIFA officials and their alleged connections to certain Cayman Islands regulated entities. It follows an earlier CIMA statement from June 2015 on the same matter.

• Internal group: CIMA's Managing Director established an internal group, led by the Head of Banking Supervision and supported by the Head of Compliance and Deputy General Counsel, to investigate the matter and report directly to the non-executive Board, with the stated aim of avoiding conflicts of interest.
• Board confidence: The Board affirms confidence in CIMA's Management.
• Conflict-of-interest provisions: The Board reiterates that CIMA, its Board, Management and Staff are subject to conflict-of-interest provisions under the Monetary Authority Law, the Anti-Corruption Law, and internal Codes of Conduct.

This document is purely informational in nature. It does not impose any new requirements, filing obligations, or deadlines on regulated entities or the public; it is a reputational and governance-focused communication describing CIMA's internal handling of a specific matter.