Banking

Our Banking practice offers specialized services to a wide range of industry clients at local, national, and global levels. Our multi-disciplinary team consists of professionals who are specialists in their fields, with deep experience in the issues surrounding the Banking industry.

We continuously evolve and grow to ensure we have the capabilities, methods, and alliances to deliver insights-driven, fact-based, and technology-enabled services. These services are designed to enhance sustainable value and meet specific client needs, helping our clients achieve successful outcomes.

Gretchen Hammes

Partner, Banking for The Bahamas, Cayman Islands, British Virgin Islands

KPMG in the Cayman Islands

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The Cayman Islands

Change and Regulation in Banking

The Banking industry is currently going through significant change. Though most of this change is driven based on international pressures, the effects are impacting Banks within the Cayman Islands and across the Caribbean. Various acts and directives within the US and the EU have led to complex regulation and legislation facing a lot of banks across the region.

The Cayman Islands is recognized as a sophisticated and mature financial center. Currently, there are over 100 banks and trust companies in the Cayman Islands, representing many of the largest banks in the world. The Cayman Islands banking sector is regulated and supervised by The Cayman Islands Monetary Authority. The Cayman Islands sustained efforts to maintain strong internationally recognized legal and regulatory frameworks lead to its successful removal from the FATF grey list in 2023.

The Bahamas

Overview of Banking Sector

The Bahamas has a long history as a center for financial services, ranging from banks, trusts and insurance companies. Presently, there are just under 200 banks and trust companies licensed in The Bahamas. The Bahamas banking sector is regulated and supervised by The Central Bank of The Bahamas. Presently, The Bahamas regulator is focused on modernization of local payment systems, a regime for digital assets and an overhaul of its economic substance framework.

The British Virgin Islands

Financial Services and Regulatory Developments

The British Virgin Islands remains a significant financial services center. The BVI Financial Services Commission regulates and supervises approximately 300 banks and trust companies. Through a number of amendments in its regulators, The British Virgin Islands will expand its oversight through annual financial returns for registered companies and beneficial ownership reporting.

The Cayman Islands The Bahamas The British Virgin Islands

The Cayman Islands

Change and Regulation in Banking

The Banking industry is currently going through significant change. Though most of this change is driven based on international pressures, the effects are impacting Banks within the Cayman Islands and across the Caribbean. Various acts and directives within the US and the EU have led to complex regulation and legislation facing a lot of banks across the region.

The Cayman Islands is recognized as a sophisticated and mature financial center. Currently, there are over 100 banks and trust companies in the Cayman Islands, representing many of the largest banks in the world. The Cayman Islands banking sector is regulated and supervised by The Cayman Islands Monetary Authority. The Cayman Islands sustained efforts to maintain strong internationally recognized legal and regulatory frameworks lead to its successful removal from the FATF grey list in 2023.

The Bahamas

Overview of Banking Sector

The Bahamas has a long history as a center for financial services, ranging from banks, trusts and insurance companies. Presently, there are just under 200 banks and trust companies licensed in The Bahamas. The Bahamas banking sector is regulated and supervised by The Central Bank of The Bahamas. Presently, The Bahamas regulator is focused on modernization of local payment systems, a regime for digital assets and an overhaul of its economic substance framework.

The British Virgin Islands

Financial Services and Regulatory Developments

The British Virgin Islands remains a significant financial services center. The BVI Financial Services Commission regulates and supervises approximately 300 banks and trust companies. Through a number of amendments in its regulators, The British Virgin Islands will expand its oversight through annual financial returns for registered companies and beneficial ownership reporting.

Our services

Financial statement audits give assurance over information used by investors and the capital markets.

Attitudes to tax are changing. Organizations of all sizes are ever more exposed to new trends in tax regulation, not just locally but globally.

Advisory works with the world’s leading organizations to create and protect the sustainable value of their business.

What we do

Industry trends

We are always available to discuss industry trends and topics of interest to guide your organization on its path to sustainable success. Our close connection with regulators, understanding of key issues, and deep industry knowledge facilitate smooth collaboration and practical execution.
Leveraging our global network

Leveraging our global network, we provide advice on operational and strategic business challenges and opportunities. Our team of professionals in Audit, Tax, and Advisory continuously collaborates with clients regionally and globally. With a wealth of industry experience and specialist knowledge, our banking professionals are equipped to address your business needs effectively.