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STATEMENT OF TATEMENT OF TATEMENT OF TATEMENT OF OBJECTIVES BJECTIVES BJECTIVES BJECTIVES To set out the Cayman Islands Monetary Authority\u2019s (\u201cthe Authority\u201d) rule on Country and Transfer Risk Management for banks, (each of the subparagraphs of section 4 below referred to as a \u201cRule,\u201d and collectively, the \u201cRules\u201d), pursuant to the Monetary Authority Law (2004 Revision) (\u201cMAL\u201d).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"2. 2. 2. INTRODUCTION NTRODUCTION NTRODUCTION NTRODUCTION 2.1. Section 34 of the MAL provides that the Authority may issue rules: 34. 34. 34. 34. (1) (1) (1) (1) After private sector consultation and with the approval of the Governor, the Authority may \u2013 (a) issue or amend rules or statements of principle or guidance concerning the conduct of licensees and their officers and employees; \u2026 2.2.  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Section 34 of the MAL provides that the Authority may issue rules:\n\n34.\n34.\n34.\n34. (1)\n(1)\n(1)\n(1) After private sector consultation and with the approval of\nthe Governor, the Authority may \u2013\n\n(a) issue or amend rules or statements of principle or\nguidance concerning the conduct of licensees and their\nofficers and employees;\n   \u2026\n2.2.  This document establishes the Rule on Country Risk Management\nand must be read in conjunction with the Statement of Guidance on\nCountry and Transfer Risk Management for Banks.\n\n3.\n3.\n3.\n3.\nSCOPE OF\nCOPE OF\nCOPE OF\nCOPE OF APPLICATION\nPPLICATION\nPPLICATION\nPPLICATION\nThis rule applies to all banks regulated by the Authority under the Banks\nand Trust Companies Law (2003 Revision).\n\nNovember 2006\n\nPage 2 of 2\n\n4.\n4.\n4.\n4.\nRULES\nULES\nULES\nULES\n\n4.1. A bank must establish, implement, and maintain strategies,\npolicies,\nand\nprocedures\nfor\ncountry\nand\ntransfer\nrisk\nmanagement appropriate for the size, complexity, and nature of\nits activities that set operating limits or other practices for\ncountry and transfer risk exposures.\n\n4.2. Such strategies, policies, and procedures must be approved by\nthe bank\u2019s board of directors.\n\n4.3. A bank must take the necessary steps to measure, monitor, and\ncontrol country and transfer risk.\n\n5.\n5.\n5.\n5.\nENFORCEMENT\nNFORCEMENT\nNFORCEMENT\nNFORCEMENT\nWhenever there has been a breach of the Rules, the Authority\u2019s policies\nand procedures as contained in its Enforcement Manual will apply, in\naddition to any other powers provided in the Banks and Trust Companies\nLaw (2003 Revision) and the Monetary Authority Law (2004 Revision).","akn_extracted_at":"2026-06-22 15:40:05.69602+00","cms_id":"2006-0033","law_type":"subordinate","year":"2006","number":"33","title":"Rule \u2013 On Country and Transfer Risk Management for Banks","status":"in_force"},"provenance":{"files":[{"file_id":"5178","expr_id":"283","kind":"akn_xml","filename":"2006-0033_SL 33 of 2006.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2006\/2006-0033\/2006-0033_SL 33 of 2006.akn.xml","content_md5":"554575764e1d5699bb94a2376cfd308b","byte_size":"5519","http_last_modified":null,"fetched_at":"2026-06-22 15:40:05.713083+00"},{"file_id":"565","expr_id":"283","kind":"pristine_pdf","filename":"2006-0033_SL 33 of 2006.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2006\/2006-0033\/2006-0033_SL 33 of 2006.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/2006\/2006-0033\/2006-0033_SL 33 of 2006.pdf","content_md5":"2a0428ee630e3f3b2ea24166b064228b","byte_size":"23225","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.318277+00"},{"file_id":"566","expr_id":"283","kind":"working_pdf","filename":"2006-0033_SL 33 of 2006.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2006\/2006-0033\/2006-0033_SL 33 of 2006.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2006\/2006-0033\/2006-0033_SL 33 of 2006.pdf","content_md5":"2a0428ee630e3f3b2ea24166b064228b","byte_size":"23225","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.318277+00"}],"paragraph_count":2,"latest_history":null},"quality":{"expr_id":"283","doc_id":"283","quality_state":"known_issue","quality_score":"30","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{duplicate_text,paragraph_numbering_problem,page_header_footer_noise}","repair_actions":"{collapse_duplicate_text,rebuild_paragraphs,strip_page_furniture}","finding_severity_counts":"{\"low\": 1, \"high\": 1, \"medium\": 1}","finding_summary":"Extraction contains significant duplication and numbering artifacts; requires cleaning before further processing.","assessed_at":"2026-06-22 15:29:46.095549+00","updated_at":"2026-06-22 15:29:46.095549+00"}}