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25 Sep 2018
As previously advised, all companies existing before 1 April 2016 were required to file particulars of their current directors with the Registrar of Corporate Affairs. The filing deadline for each Existing Company was 31 March 2017. Since 1 April 2016, all newly incorporated companies have been required to file particulars of their directors with the Registrar within 21 days of the appointment of their first directors. A regime of late filing fees and penalties for any companies that failed to comply with those filing requirements was also established.
25 Sep 2018
The Cayman Islands Monetary Authority issued a notice on 24 September 2018 regarding deadlines for the appointment and notification of Anti-Money Laundering Compliance Officers, Money Laundering Reporting Officers and Deputy Money Laundering Reporting Officers.
31 Jul 2018
30 September 2018 is the date by which all existing "in-scope" Cayman Islands investment entities must have appointed AML Officers. As discussed in recent client updates, entities will be "in-scope" if they conduct "relevant financial business" in or from within the Cayman Islands. This will include all Cayman Islands investment entities, whether regulated or unregulated (including all hedge funds and private equity funds), structured finance vehicles and entities conducting securities investment business.
26 Jul 2018
The Cayman Islands Monetary Authority has published FAQs in respect of the application of certain AML compliance obligations of Cayman Islands funds.
11 Jul 2018
As clients of this firm will be aware from our previous communications and updates, all persons registered with the Cayman Islands Monetary Authority ("CIMA") as "Excluded Persons" under the Securities Investment Business Law (2015 Revision) ("SIBL") are regarded as carrying on "securities investment business", and therefore remain within the scope of the Cayman Islands Anti-Money Laundering Regulations (the "AML Regulations") and must continue to ensure that they comply with the requirements of the AML Regulations.
CIMA has recently contacted certain persons registered as Excluded Persons under SIBL requiring them to obtain and provide an audit report (the "Report") on the entity's AML procedures and compliance with the AML Regulations.