Category: Regulatory Services
-
The BVI Approved Manager Regime: A Cost-Effective Solution for Emerging Fund Managers
In an era of increasing regulatory complexity and escalating compliance costs, fund managers seeking a jurisdiction that offers flexibility without compromising credibility may find the British Virgin Islands (BVI) Approved Manager regime to be an ideal solution. Recognised by the BVI Financial Services Commission (FSC), this light-touch framework provides emerging managers with an efficient and…
-
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.
-
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.
-
Mitigation of Risks of Sanctions and other Violations by Directors, Trustees and Beneficiaries
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…
-
CIMA Rules and Guidance for Corporate Governance for Regulated Entities
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…
-
The importance of compliance with AML requirements across jurisdictions
Regulators are taking firm action again non-compliance with AML and CFT regulations as highlighted by these recent enforcement cases in Hong Kong and BVI.
-
BVI Accounting Records
Reminder to BVI companies on ongoing maintenance of accounting records and related official documentation detail Under the BVI Companies Act (Revised) and the Mutual Legal Assistance (Tax Matters) Act (Revised) a BVI company and the registered agent are required to have knowledge of the location of accounting records and also the person responsible for the…
-
New CIMA fines and TIA offence in force in the Cayman Islands
The Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020 was enacted on 26 June 2020 extending the ability of the Cayman Islands Monetary Authority (CIMA) to impose significant fines. It is now also an offence for knowingly or wilfully supplying false or misleading information to the Cayman Islands Tax Information Authority (TIA).
-
CRS and FATCA Reporting deadline extension and NEW Information Requirements
FATCA: BVI, Bermuda and Cayman Islands – The IRS has provided for an extension of time for Model 1 IGA jurisdictions to provide their 2019 FATCA data to the United States competent authority. Currently the deadline… NEW Cayman Islands CRS Compliance Form…
-
Economic Substance Requirements in the BVI
The Economic Substance (Companies and Limited Partnerships) Act, 2018 came into force on 1 January 2019 requiring British Virgin Islands companies and limited partnerships that are tax resident and carrying out ‘Relevant Activities’ to demonstrate economic substance. The new legislation, which applies to existing and new BVI entities, was introduced to address the concerns of…