Companies regulated through the Cayman Islands Monetary Authority (CIMA) now have a new and efficient way to submit forms. The new system is called the Regulatory Enhanced Electronic Forms Submission or REEFS. The new online portal will cut down on the time it takes to submit financial services information required by CIMA and slash costs.
The Head of Information Systems Divison, Chuck Thompson says the REEFS system will phase out paper forms and was created to stay up to date with industry standards.
“This system is going to allow people to file new applications, make changes to existing applications and also file financial data that is required once you become a licensee with CIMA on an annual basis or quarterly whatever that field is required,” said Mr. Thompson.
CIMA’s REEFS system launched on Monday (5 January) and is in its first phase concentrating on fiduciary and insurance divisions. The focus will then shift to banking and investments and securities divisions for phase two.
Click here to read more.