With effect from 1 April 2025, the licensing regime under the VASP Act will be implemented, requiring those providing virtual asset custody services or operating virtual asset trading platforms to obtain a licence under the...more
On 15 March 2024, the Ministry of Financial Services and Commerce (the "Ministry") issued Technical Guidance for corporate services providers ("CSPs") to facilitate changes to internal processes in support of the transition...more
New specific licensing grounds available under Cayman Islands and BVI Russia sanctions will pave the way for Cayman Islands and BVI investment funds and other entities to divest their frozen assets in Russia as well as remove...more
Following industry consultation, on 30 August 2023 the Cayman Islands Monetary Authority ("CIMA") issued updated Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation...more
9/15/2023
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Anti-Fraud Provisions ,
Anti-Money Laundering ,
Cayman Islands ,
CIMA ,
Cybersecurity ,
Due Diligence ,
Financial Services Industry ,
Guidance Update ,
Money Laundering ,
Policies and Procedures ,
Recordkeeping Requirements ,
Risk Assessment ,
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As widely expected, the British Virgin Islands ("BVI") is shortly bringing into force new legislation to implement the Financial Action Task Force's standards on virtual assets and virtual asset service providers (known as...more