Category: Compliance
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BVI Approved Manager MLRO Requirements
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.
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Seychelles Annual Review of Beneficial Ownership Information
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Further to the regulatory changes implemented through the Beneficial Ownership (Amendment) Regulations 2023 as detailed in our previous update(s), from 1 January 2025 onwards Regulation 13 requires Seychelles entities to verify their Beneficial Ownership information at least once per calendar year to ensure filed records are accurate.
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Cayman Islands Beneficial Ownership Regime Update: Access Restrictions, Legitimate Interest Access and Beneficial Ownership Transparency
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The Cayman Islands has recently established a comprehensive framework for accessing beneficial ownership information based on legitimate interest and for protecting such information from disclosure. These updates enhance the existing beneficial ownership regime and ensure compliance with evolving beneficial ownership reporting requirements. They also reinforce robust access restrictions and Legitimate Interest Access protocols, as mandated…
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Amendments to the BVI Business Companies Act: Changes to the Register of Members and Register of Directors Filing Requirements
Background to the Register of Members and Register of Directors Updates Recent legislative amendments to the Business Companies Act, effective 2 January 2025, have introduced several changes to the filing requirements and deadlines for companies within the BVI. Key updates include amendments to the Register of Members and the Register of Directors, alongside changes to…
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Amendments to the BVI Business Companies Act: Changes to Beneficial Ownership Regulations
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…
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Important Update: Filing of Annual Returns for BVI Companies
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,…
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Changes to the Cayman Islands Beneficial Ownership Regime
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.
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Bermuda Companies Act Amendments and Regulatory Updates
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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…
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Further amendments to the Seychelles Beneficial Ownership Regime: Seychelles Beneficial Ownership (Amendment) Regulations
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.
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Cayman Islands CRS FATCA upcoming filing deadlines, compliance dates and CRS Enforcement Guidelines
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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.