Welcome to the third instalment of our Cayman Islands Regulatory & Risk Advisory Review. As we cover in this issue, there have been a number of exciting developments, including the welcome news of the Financial Action Task Force (FATF) removal of the Cayman Islands from its list of jurisdictions under increased monitoring otherwise known as the FATF grey list, the Cayman Islands Monetary Authority new Rule on Corporate Governance, Rule and Statement of Guidance on Internal Controls for Regulated Entities, proposed changes to the beneficial ownership regime and CIMA’s guidance on e-KYC along with other legislative updates. We have also included some recent articles from our wider Conyers team which provide further insight into industry trends and market news.
1. FATF REMOVES CAYMAN ISLANDS FROM GREY LIST
The FATF announced its decision to remove the Cayman Islands from its list of jurisdictions subject to increased monitoring (the “GreyList”) on 27 October 2023. The delisting process involved an onsite FATF visit and subsequent report which was presented at the FATF Plenaryin Paris. The FATF announcement confirmed that the Cayman Islands maintains a robust and effective anti-money…
