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A New Paradigm in Governance

REGULATORY UPDATE

REGULATORY UPDATE

Regulatory fees to increase The Ministry of Financial Services has confirmed that it has competed a consultation process with industry, and, once approved by Cabinet, proposed revisions to General Registry service fees will come into effect on 1 January 2025. These...

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Notable deadlines and legislative changes

Notable deadlines and legislative changes

BOT Act On 29 May, 2024, the Ministry of Financial Services and Commerce stated that it is continuing to progress the legislative and systems changes required to implement the Beneficial Ownership Transparency (BOT) Act. That commencement is expected in July 2024. But...

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Key deadlines for CRS filings

Key deadlines for CRS filings

The Department for International Tax Cooperation (DITC) issued some important updates in June reminding Cayman Islands financial Institutions of their common reporting standard (CRS) annual reporting obligations. There are a number of key deadlines to be aware of. The...

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FATF vows to step up efforts

FATF vows to step up efforts

Ministers at the Financial Action Task Force (FATF) have said they intend to step up their efforts to effectively implement standards to regulate virtual assets and virtual assets service providers. The FAFT Plenary agreed on a roadmap to strengthen the implementation...

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Congratulating our own ‘ironman’ Jon Roney

Congratulating our own ‘ironman’ Jon Roney

All of the team here at Paradigm are in awe of the achievement of Jon Roney, fiduciary services director, who has completed a half ironman. Jon completed IRONMAN 70.3, which took place in St. George Utah, USA. It was Jon’s 12th half Ironman race, and the first one...

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Welcoming new staff member Javiera Aguayo

Welcoming new staff member Javiera Aguayo

We were delighted to welcome Javiera Aguayo into the team in June who joins as a compliance officer. Javiera has over 10 years’ experience in regulatory compliance and practical knowledge of the Anti-Money Laundering (AML) requirements and legislation in the Cayman...

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New sanctions requirements for Russia

New sanctions requirements for Russia

The Financial Reporting Authority in June issued new Reporting Requirements under the Russia Sanctions Regime. The Russia (Sanctions) (EU Exit) Regulations 2019 were made under the Sanctions and Anti-Money Laundering Act 2018 and provide for the imposition of...

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