Entities have ongoing obligations to keep beneficial ownership information up to date.
Legislative developments have clarified what information needs to be reported for trusts and deemed beneficial owners....more
4/16/2025
/ Beneficial Owner ,
Cayman Islands ,
CIMA ,
Compliance ,
Disclosure Requirements ,
Filing Requirements ,
Investment Funds ,
New Legislation ,
Regulatory Requirements ,
Reporting Requirements ,
Trusts
With effect from 1 April 2025, the licensing regime under the VASP Act will be implemented, requiring those providing virtual asset custody services or operating virtual asset trading platforms to obtain a licence under the...more
Changes to the beneficial ownership regime took effect on 31 July 2024 and enforcement relating to the new requirements is suspended until early 2025.
Many entities that previously had few or no obligations will have to...more
8/6/2024
/ Beneficial Owner ,
Cayman Islands ,
CIMA ,
Enforcement ,
Foreign Corporations ,
Legal Entities ,
Licenses ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
Money Laundering ,
Non-Public Information ,
Penalties ,
Registered Investment Companies (RICs) ,
Regulatory Requirements ,
Special Purpose Vehicles ,
UK
On 15 March 2024, the Ministry of Financial Services and Commerce (the "Ministry") issued Technical Guidance for corporate services providers ("CSPs") to facilitate changes to internal processes in support of the transition...more
New specific licensing grounds available under Cayman Islands and BVI Russia sanctions will pave the way for Cayman Islands and BVI investment funds and other entities to divest their frozen assets in Russia as well as remove...more
Associating the Cayman Islands with money laundering has been a staple of film and television, from "The Firm" in the 1990s to, more recently, "Better Call Saul."
However, scriptwriters may need to find another location...more
On 30 August 2023, following industry consultation, the Cayman Islands Monetary Authority ("CIMA") issued a new Rule and Statement of Guidance on Nature, Accessibility and Retention of Records for Licensees Conducting the...more
Following industry consultation, on 30 August 2023 the Cayman Islands Monetary Authority ("CIMA") issued updated Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation...more
9/15/2023
/ AML/CFT ,
Anti-Fraud Provisions ,
Anti-Money Laundering ,
Cayman Islands ,
CIMA ,
Cybersecurity ,
Due Diligence ,
Financial Services Industry ,
Guidance Update ,
Money Laundering ,
Policies and Procedures ,
Recordkeeping Requirements ,
Risk Assessment ,
Selfies ,
Videoconference
As widely expected, the British Virgin Islands ("BVI") is shortly bringing into force new legislation to implement the Financial Action Task Force's standards on virtual assets and virtual asset service providers (known as...more