Each entity incorporated, established or registered in the Cayman Islands must file an annual economic substance notification with the Tax Information Authority (the "TIA").
A "relevant entity" conducting "relevant...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
Approaches and developments -
The Cayman Islands has long been a leading offshore jurisdiction for investment funds, as well as a significant global financial centre overall. It is therefore not surprising that, reflecting...more
9/13/2023
/ AML/CFT ,
Cayman Islands ,
CIMA ,
Cross-Border Transactions ,
Customer Due Diligence (CDD) ,
Data Protection ,
Digital Assets ,
Economic Substance Doctrine ,
Enforcement ,
FATF ,
Financial Reporting ,
FinTech ,
Intellectual Property Protection ,
Investment Funds ,
Know Your Customers ,
Offshore Companies
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 Economic Substance (Companies and Limited Partnerships) Act, as amended (the "ESA"), requires BVI legal entities which engage in relevant activities to maintain economic substance in the BVI. Our 'Overview of the British...more
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