All banks and trust companies (save for "private trust companies", "controlled subsidiaries" and trustees of "alternative financial instrument" trusts, as to which, see below) wishing to carry on business from within the Cayman Islands (whether or not such business is actually to be carried on in the Cayman Islands) must be licensed by the Cayman Islands Monetary Authority pursuant to the Banks and Trust Companies Law (2013 Revision) before they can operate.
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