The Cayman Islands are a British Overseas Territory in the western Caribbean Sea. The territory has the highest standard of living in the Caribbean and the 14th highest in world. They print their own currency, the Cayman Islands Dollar (KYD). The territory is a major world offshore financial centre and the fifth largest banking centre in the world. The biggest sectors are banking, hedge fund formation and investment, structured finance and securitisation, captive insurance, and general corporate activities.
Regulation and supervision of the financial services industry is the responsibility of the Cayman Islands Monetary Authority (CIMA).