Section 12Part 1 — Banks and Trust Companies Act
Accounts
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Every licensee incorporated under the Companies Act (2025 Revision) shall have its accounts audited annually or at such other times as the Authority may require by an auditor, who shall be a chartered accountant, certified public accountant or some other professionally qualified accountant, approved by the Authority.
The audited accounts shall be forwarded to the Authority within three months of the end of the financial year of the licensee, unless prior written approval for an extension has been granted by the Authority. ( 2A ) Every licensee incorporated under the Comp anies Act (2025 Revision) shall forward to the Authority consolidated accounts in respect of the parent undertaking of the Cayman banking group of which the licensee is a member within three months of the end of the financial year of the parent undertaking of the Cayman banking group, unless prior written approval for an extension has been granted by the Authority.
Every licensee not incorporated under the Companies Act (2025 Revision) shall provide a copy of the audited annual accounts of its head offi ce to the Authority within three months of the end of the financial year of such parent company, unless prior approval for an extension has been granted by the Authority.
When a licensee incorporated under the Companies Act (2025 Revision) changes its auditor, the Authority may require the former auditor to explain the circumstances responsible for such change.