Background to the beneficial ownership updates Recent amendments to the Business Companies Act have introduced several new requirements to align with international compliance standards. The Business Companies and Limited Partnerships (Beneficial Ownership) Regulations (the BO Regulations) aim to enhance transparency by mandating certain obligations for companies. The first of these changes is set to commence […]

The deadline for the first filing of annual financial returns (AFRs) by companies incorporated or registered in the British Virgin Islands (BVI) is Monday, 30 September 2024. On 26 September 2024, the BVI Financial Services Commission (the Commission) announced that due to policy and logistical issues in ensuring full compliance for the first return deadline, […]

The Cayman Islands Government recently passed the Beneficial Ownership Transparency Regulations (2024) expanding the scope of the previous regime and now also now includes previously exempt investment fund vehicles.

Read our overview of the key updates here.

Recent amendments to the Companies Act and regulatory framework that may impact your business operations in Bermuda Bermuda has undergone significant enhancements in its commercial (re)insurance supervision and regulatory regime, driven by industry consultations and market testing led by the Bermuda Monetary Authority (BMA). These enhancements particularly impact commercial (re)insurers in the long-term space, resulting […]

The Seychelles BO regime has since been further enhanced through the related Seychelles Beneficial Ownership (Amendment) Regulations enacted on 28 April 2023.

We summarise the key amendments to the BO Regulations in our updater here.

In order to ensure compliance with the BVI’s anti-money laundering regime, Approved Managers are required to appoint a money laundering reporting officer (MLRO) and implement appropriate policies and procedures for adoption on an ongoing basis.

A key requirement related to the Automatic Exchange of Information (AEOI) regime which includes CRS and FATCA, is the annual reporting requirement of reportable accounts. Entities that are classified as FIs under CRS and FATCA must file their annual report before the 31 July 2022 deadline.

The Cayman Islands Monetary Authority (CIMA) has recently imposed USD365,000 in administrative fines on an asset manager for breaches of the AML Regulations, serving as a timely reminder on the value of effective compliance and the importance of registered entities having effective anti-money laundering policies and procedures in place.

The most recent amendment to the Beneficial Ownership Secure Search System Act (the BOSS Act) applies to those financial periods beginning on or after 1 January 2022. Below is summary of the most significant amendments. It is expected that the BVI International Tax Authority (ITA) will publish version 3 of its ES Rules and Explanatory […]

CAYMAN ISLANDS – The definition of a beneficial owner in the Companies Law (Revised) and the Limited Liability Companies Law (Revised) will change on 15 May 2020 from “more than 25%” of the shares or voting rights in a company to “twenty-five per cent (25%) or more” of the shares or voting rights in a company.