Latest Updates

Beneficial Ownership Regime Update 2018

 14 Apr, 2018

The Cayman Islands Beneficial Ownership Regime (the BOR Regime) came into effect in July 2017 and amendments were made in December that now modify the scope of the exemptions available under the BOR Regime. The updated guidance for submissions has now been released 5 April 2018 to corporate service providers. New Exemptions and changes to the BOR Regime include:

  • Entities regulated in an equivalent jurisdiction, which the Anti-Money Laundering Steering Group deems to have a comparable AML/CFT framework in accordance with the Proceeds of Crime Law, are exempt from the BOR Regime.
  • The Directors Registration and Licensing Law, 2014 is no longer considered a regulatory law for the purposes of the BOR regime.
  • A company or LLC registered as an Excluded Person under Securities Investment Business Law will no longer be exempt from the primary obligations of the BOR Regime unless other exemptions apply.

Please contact Jacob Law for detailed information on all the newest obligations on the BOR Regime and for more information on how we can assist you in satisfying your obligations by June 2018. For a full briefing memo on the latest BOR Regime Update go to Beneficial Ownership Regime Amendments Update.