News
A New Paradigm in Governance
Is your AML training up to date?
Under the Cayman Islands AML regime, there is an ongoing requirement for all relevant parties (including directors) related to a Financial Service Provider (FSP) such as the Fund, should be trained on the requirements of the regime in terms of Anti-Money Laundering...
Cayman edges closer to FATF technical compliance
The Cayman Islands has introduced measures to further improve its technical compliance with the 40 Financial Action Task Force (FATF) recommendations relating to anti-money laundering and countering the financing of terrorism (AML/CFT). Cayman remains under monitoring...
Beneficial ownership guidelines published
In July, the Cayman Islands competent authority for beneficial ownership regulation published guidance notes on complying with beneficial ownership obligations in the Cayman Islands. The move links to the creation of The Register of Overseas Entities, first announced...
Don’t miss the latest CRS deadline
The deadline for filing the compliance form for the Common Reporting Standard (CRS) is, for the year ending December 31, 2021, September 15, 2022 – and firms have been warned of new enforcement guidelines applicable to firms that miss the deadline. Earlier this year,...
Amended Companies Act solves potential ‘deterrent’
The Companies (Amendment) Act, 2021, which was drafted with the intent of attracting and maintaining restructuring and liquidation business in the Cayman Islands, came into force on August 31. The legislation applies to a company, and any other entity or partnership,...
Understanding CIMA’s new deregistration procedures
Fund managers considering winding down a Cayman fund, for whatever strategic reason, should act sooner rather than later, particularly in light of recent guidance issued by CIMA on 17 August regarding updated deregistration procedures. Geoff Ruddick, Partner, Paradigm...
REGULATORY UPDATE Q2, 2022
The deadlines for filings covering the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) is July 31 – and firms have been warned of new enforcement guidelines applicable to firms that miss the deadline. Last month, The Cayman Islands...
Our AML and Compliance training offering
There is an ongoing obligation under the Cayman Islands AML regime that all relevant parties (including directors) related to a Financial Service Provider (FSP) such as the Fund, should be trained on the requirements of the regime in terms of Anti-Money Laundering...
Senior independent director further boosts our ranks
Here at Paradigm Governance Partners, we are delighted to announce the addition of a very senior, well known, experienced independent director into our ranks. William Woods is a diligent and experienced professional independent director with a strong legal background....
Regulatory update: Q1, 2022
It has been a busy first quarter for regulatory changes and other updates in the Cayman Islands with some important changes to Cayman’s EU AML status, regulatory changes and sanctions stemming from the war in Ukraine. Here, we run through some of the most important...