Scrutiny on offshore transactions and their participants is at an all-time high. Through an ever growing number of regulations and laws, parties to transactions and third party providers from banks to corporate service providers are required to gather and, in some circumstances, share information with governments and regulatory authorities.     For the underlying officers and […]

The Cayman Islands Monetary Authority’s (CIMA’s) Rule on Corporate Governance for Regulated Entities (Rule) and Statement of Guidance on Internal Controls for Regulated Entities (Guidance) comes into effect on 14 October 2023. The Rule and Guidance will replace the existing corporate governance regulatory measures. All CIMA regulated entities will be required to take action to ensure compliance.

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.

Scrutiny faced by directors of companies for possible breaches of their fiduciary duties has been further clarified by the Privy Council in a case[1] involving actions of a director leading up to the insolvency of the company.  Key takeaways regarding duties are: Ultimate responsibility for the actions of a company rests with the directors. The Privy […]