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' press release on balancing beneficial ownership transparency and privacy protections
On 21 November 2024, the Cayman Islands issued a press release to reaffirm its commitment to cooperating with the UK on beneficial ownership transparency. At the same time the release outlines Cayman’s plans to ensure access to beneficial ownership information is granted based on legitimate interest protocols, in line with evolving global standards.
03 Dec 2024
Key updates on financial sanctions from CIMA
The Cayman Islands Monetary Authority recently published a number of updates on financial sanctions. These sanctions require financial institutions to assess their exposure to newly listed entities, freeze any applicable assets and report actions taken to the Financial Reporting Authority.
29 Nov 2024
New complaints-handling guidance for Cayman Islands Regulated Entities
On 23 October 2024, the Cayman Islands Monetary Authority (CIMA) issued updated guidance for regulated entities (REs) on handling complaints. Effective complaints management is essential for fostering customer trust and maintaining market confidence.
26 Nov 2024
Update to UK Sanctions on Russia-Ukraine-Belarus (up to 25 November 2024)
Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here
25 Nov 2024
Cayman Islands Monetary Authority: New standards for recruitment and development in trust and corporate service sectors
On 4 October 2024, the Cayman Islands Monetary Authority published a new Rule and Statement of Guidance establishing recruitment and selection standards for Trust and Corporate Service Providers and Company Managers. This RSOG sets minimum expectations for recruitment, training, and continued development of staff to ensure compliance with regulatory standards.
22 Nov 2024
Cayman Islands: Proposed changes in partnership and company fees takes effect from 1 January 2025
On 1 January 2025, fees for certain Cayman Islands legal entities will change. These entities include exempted limited partnerships, limited liability partnerships, companies, and limited liability companies.
12 Nov 2024
Cayman Islands joins FATF as guest member under new initiative
The Financial Action Task Force recently appointed the Cayman Islands and Senegal as the first guest members under its Regional Bodies' Guest Initiative. This programme, led by FATF President Elisa de Anda Madrazo, invites two to three guest countries from underrepresented regions to participate in FATF meetings and working groups for a year, enhancing global financial security perspectives.
07 Nov 2024
Cayman Islands launches public consultation on Beneficial Ownership Transparency Regulations
On 11 October 2024, the Cayman Islands Ministry of Financial Services and Commerce announced that it is seeking public feedback on two key regulations under the Beneficial Ownership Transparency Act, 2023.
22 Oct 2024
Frozen assets reporting deadline announced by OFSI
On 11 September 2024, the UK's Office of Financial Sanctions Implementation (OFSI) issued a notice regarding the 2024 frozen assets reporting requirement. UK financial sanctions mandate that funds or economic resources owned or controlled by designated persons must be frozen. These sanctions are primarily enforced through the Sanctions and Anti-Money Laundering Act 2018.
11 Oct 2024