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: Market conduct guidelines for trust and corporate services providers and company managers
On 22 May 2024, the Cayman Islands Monetary Authority (CIMA) published to the official gazette the "Rule and Statement of Guidance" for Trust and Corporate Services Providers (TCSPs) and Company Managers.
12 Jun 2024
Cayman Islands regulatory framework for Virtual Asset Service Providers: Registration and Licensing Guidelines
The Cayman Islands Monetary Authority (CIMA) released its regulatory policy establishing criteria for approving the registration or licensing of virtual asset service providers (VASPs) as per the Virtual Asset (Service Providers) Act (VASP Act). This policy has been published in the official gazette on 15 May 2024.
30 May 2024
Update on audit waiver application process for Cayman Islands regulated funds
The Cayman Islands Monetary Authority has updated the process for submitting Audit Waiver applications for regulated funds through the Regulatory Enhanced Electronic Forms Submission portal. This enhancement allows for the complete processing of Audit Waiver applications within REEFS.
22 May 2024
Industry consultation: Enhancing beneficial ownership transparency in Cayman Islands
On 30 April 2024, the Cayman Islands Ministry of Financial Services and Commerce published a public consultation seeking feedback on the draft Beneficial Ownership Transparency Regulations, 2024, alongside accompanying guidance documents. These regulatory measures are designed to support transparency within legal entities operating in the Cayman Islands, aligning with international standards and best practices.
13 May 2024
Cayman Islands strengthens Anti-Money Laundering measures with 2024 Amendment Regulations
On 19 April 2024, the Cayman Islands government published the Anti-Money Laundering (Amendment) Regulations, 2024. Those regulations aim to improve measures to combat money laundering, terrorist financing, and proliferation financing.
29 Apr 2024
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