About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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Cayman Islands advances Virtual Asset Regulation through collaborative consultation
On 28 February 2024, the Cayman Islands Ministry of Financial Services and Commerce is seeking feedback on proposed amendments to the Virtual Asset Service Providers Act via online tool, GitHub.
28 Mar 2024
Cayman Islands introduces the Mandatory Disclosure Rules for CRS avoidance arrangements and opaque offshore structures
In January 2024, the Cayman Islands government published the responses to the 2nd round of consultations on the Mandatory Disclosure Rules for Common Reporting Standard avoidance arrangements and opaque offshore structures. The introduction of the MDRs is part of the Cayman Islands' commitment to adopting OECD-style Model Rules.
26 Feb 2024
UK Parliament revises money laundering regulations: Cayman Islands removed from high-risk list
On 8 January 2024, the UK Parliament removed the Cayman Islands from the list of high-risk third countries.
24 Jan 2024
Circular on AML/CFT remediation guidelines by CIMA
On 29 December 2023, the Cayman Islands Monetary Authority issued a Supervisory Information Circular outlining key aspects of effective AML/CFT remediation by financial service providers. The circular emphasises the importance of compliance with regulatory frameworks and offers guidance for producing and implementing successful remediation plans.
16 Jan 2024
Improving market conduct oversight: Cayman Islands Monetary Authority seeks private sector input
The Cayman Islands Monetary Authority (CIMA) is initiating a comprehensive consultation process with private sector associations to amend the Rule and Statement of Guidance on Market Conduct for Trust and Corporate Services Providers and Company Managers (RSOG).
07 Dec 2023
CIMA's November 2023 release: Regulatory Policy on Consolidated Supervision
In November 2023, the Cayman Islands Monetary Authority (CIMA) released the Regulatory Policy on Consolidated Supervision.
05 Dec 2023
CIMA announces 2024 annual renewal fees for Virtual Asset Service Providers
On 17 November 2023, the Cayman Islands Monetary Authority published a general industry notice, informing all registered virtual assets service providers that their annual renewal fees for the year 2024 (as specified in Schedule 2 of the Virtual Asset (Service Providers) Regulations, 2020) will be the same as the fees paid during the initial registration.
28 Nov 2023
CIMA advises e-KYC and remote CDD provisions
On 9 November 2023, the Cayman Islands Monetary Authority published a supervisory information circular, advising that it recently updated its guidance notes on the prevention and detection of money laundering and terrorist financing to incorporate e-KYC and remote CCD/ongoing monitoring provisions. The amendments, effective from August 2023, address queries from financial service providers seeking clarification on the compatibility of CIMA's anti-money laundering/counter financing of terrorism/counter proliferation financing supervisory framework with technological solutions for remote, virtual, or non-face-to-face onboarding and ongoing customer due diligence.
22 Nov 2023
Changes in investment strategy reporting impact funds: Important updates from CIMA
On 8 November 2023, the Cayman Islands Monetary Authority published a general industry notice to advise that effective 15 November 2023, it will implement changes to enhance monitoring and reporting accuracy for Mutual Funds and Private Funds. These changes will impact the information required when registering funds.
15 Nov 2023