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
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