Cayman Proactively Advances Its Beneficial Ownership Framework

Cayman Proactively Advances Its Beneficial Ownership Framework

Grand Cayman, 15 December 2023 – Recognising the shared intent to support a responsible, transparent global financial system, the Cayman Islands has updated our 2019 commitment to the UK by introducing plans to enhance our beneficial ownership framework by the end of...
Beneficial Ownership Transparency Bill to Advance Cayman’s AML/CFT Regime

Beneficial Ownership Transparency Bill to Advance Cayman’s AML/CFT Regime

This Bill, published late yesterday, aligns with the enhanced Recommendation 24 of the Financial Action Task Force (FATF) global standards, ensuring that competent authorities have access to adequate, accurate and current information on beneficial owners of companies....
Beneficial Ownership Transparency Bill to Advance Cayman’s AML/CFT Regime

Registrar of Companies Enforces Cayman’s Beneficial Ownership Regime

As of 1 February 2021, the RoC had levied 19 administrative fines – at a rate of $5,000 per fine – against companies for noncompliance with beneficial ownership (BO) requirements. Head of Compliance Paul Inniss noted that warning letters were sent to the companies...
Updated Beneficial Ownership System Commences on 19 May

Updated Beneficial Ownership System Commences on 19 May

Industry is advised that the official commencement date for the online filing system for beneficial ownership (BO) information is Tuesday, 19 May. The launch of the updated system will entail a phased process. Phase one will be the release of the updated CSV file and...
Beneficial Ownership Filings Extended to Capture New Definition

Beneficial Ownership Filings Extended to Capture New Definition

Industry is advised that the deadline for beneficial ownership (BO) filings has been further extended to 15 May, with submissions needing to capture the new legal definition for BO. BO filings, previously due Monday, 20 April, can be submitted electronically via the...