Daily Compliance News: April 7, 2025, The Whistleblowers Awarded Edition
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
The Beneficial Ownership Transparency Act, 2023 (the “BOT Act”), Beneficial Ownership Transparency Regulations, 2024 (the “BOT Regulations”) and the Guidance on Complying with Beneficial Ownership Obligations in the Cayman...more
Amendments to the Cayman Islands Proceeds of Crime Act came into effect on 2 January 2025 and include revisions to the suspicious activity report (SAR) process to the Financial Reporting Authority (FRA). In addition to a...more
The Cayman Islands Monetary Authority (“CIMA”) has issued a new Rule and Statement of Guidance on the obligations for the provision of virtual asset services – Virtual Asset Custodians and Trading Platforms (the “Rule”). With...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
New law imposes registration and compliance obligations on private funds that carry on business in or from the Cayman Islands. Absent an exemption, all private funds that carry on business in or from the Cayman Islands will...more