Given that the Cayman Islands are one of the world's leading financial centres, it will come as no surprise that highly professional banking and investment services (including in relation to the provision of mortgages) are readily available. All banks are regulated by the Cayman Islands Monetary Authority and are fully compliant with the OECD requirements. “Know Your Client” (“KYC”) requirements are stringently practiced. Although there are approximately 300 banks in the Cayman Islands only a few are licensed to provide retail banking services. The major banks which can offer full banking services in the Cayman Islands are Butterfield Bank, Cayman National Bank, First Caribbean Bank, The Royal Bank of Canada, ScotiaBank and HSBC. All are located in or near George Town and most have branch offices around the island. Cayman National Bank also operates in Little Cayman and Cayman Brac. Traveler’s cheques are accepted at most places in Cayman as are all major credit cards and US currency. ATM machines are conveniently located throughout Grand Cayman.
