Cayman publishes beneficial ownership guidance notes

The Cayman Islands competent authority for beneficial ownership regulation has published guidance notes on complying with beneficial ownership obligations in the Cayman Islands.

These guidance notes provide guidelines that should be adopted by in-scope entities, relating to the provision of required particulars and other information related to beneficial ownership obligations under Cayman Islands law.

The Cayman Islands beneficial ownership framework has been prepared with stakeholder input and reference to international standards and best practices. The objectives are to support the preservation of the integrity of the financial sector, to strengthen the co-operation and information sharing between law enforcement agencies and competent authorities in the fight against crime globally, and to ensure the Cayman Islands maintains its position as a premier financial centre.

Companies, limited liability companies, limited liability partnerships, beneficial owners and trusts, and corporate service providers should be aware of the General Registrar’s power to impose administrative fines for breaches of the beneficial ownership regime.

The guidance notes can be found here. If you have any questions or require assistance with your beneficial ownership compliance obligations, please reach out to your usual Harneys contact.