Pending completion of its recommended actions under the BVI Mutual Evaluation Report published by the Caribbean FATF in February 2024, the BVI has been included on the FATF's list of "jurisdictions under increased...more
Entities have ongoing obligations to keep beneficial ownership information up to date.
Legislative developments have clarified what information needs to be reported for trusts and deemed beneficial owners....more
4/16/2025
/ Beneficial Owner ,
Cayman Islands ,
CIMA ,
Compliance ,
Disclosure Requirements ,
Filing Requirements ,
Investment Funds ,
New Legislation ,
Regulatory Requirements ,
Reporting Requirements ,
Trusts
Under the Beneficial Ownership Transparency Act, 2023 ("BOTA"), entities that are registered as investment funds may avail themselves of an alternative route to compliance with the BOTA by appointing a Contact Person as a...more
How does the beneficial ownership reporting regime developments impact those within the fund governance function?
Introduction -
As noted in our recent advisory, the Cayman Islands' beneficial ownership reporting...more
10/16/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
Compliance ,
FACTA ,
Fund Managers ,
Governance Standards ,
Investors ,
Mutual Funds ,
Private Funds ,
Reporting Requirements
The government of the British Virgin Islands (“BVI”) and the BVI Financial Services Commission (“FSC”) – the principal financial services regulator – have progressed important initiatives in recent years that demonstrate the...more
9/25/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Blockchain ,
British Virgin Islands ,
Compliance ,
Data Protection ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Economic Sanctions ,
Electronic Fund Transfer Act ,
FinTech ,
FSMA ,
Insurance Industry ,
Investment ,
Licenses ,
Misleading Statements ,
SIBA
Changes to the beneficial ownership regime took effect on 31 July 2024 and enforcement relating to the new requirements is suspended until early 2025.
Many entities that previously had few or no obligations will have to...more
8/6/2024
/ Beneficial Owner ,
Cayman Islands ,
CIMA ,
Enforcement ,
Foreign Corporations ,
Legal Entities ,
Licenses ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
Money Laundering ,
Non-Public Information ,
Penalties ,
Registered Investment Companies (RICs) ,
Regulatory Requirements ,
Special Purpose Vehicles ,
UK
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
Following the conclusion of the most recent plenary of the Financial Action Task Force ("FATF") on 27 October 2023, the FATF has announced that the Cayman Islands has been removed from the FATF's list of "jurisdictions under...more
Walkers' regulatory partners Lucy Frew and Ian Mason consider the learning points for financial services providers (FSPs) from recent enforcement actions by Cayman regulatory bodies.
While financial services and related...more
8/7/2023
/ AML/CFT ,
Anti-Money Laundering ,
Banks ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Due Diligence ,
Employee Training ,
Enforcement Actions ,
FATCA ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinTech ,
Insurance Industry ,
Internal Reporting ,
Investment Funds ,
Recordkeeping Requirements ,
Securities
The Beneficial Ownership Secure Search System (Amendment) (No.2) Act, 2021 (“Amendment Act”) was gazetted in the BVI on 31 December 2021 and came into force on 1 January 2022. The Amendment Act amends the BVI’s Beneficial...more