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REGULATORY COMPLIANCE

2 October 2018, The Cayman Islands Monetary Authority (“CIMA”) issued a notice on 24 September 2018 (“Notice”) extending the deadlines for the appointment of Anti-Money Laundering Compliance Officers, Money Laundering Reporting Officers and Deputy Money Laundering Reporting Officers (“AML Officers”) for unregulated funds to 31 December 2018.
The deadline for regulated funds are still expected to have completed the appointment of the AML Officers by 30 September 2018. Such regulated funds will now have until 31 December 2018 to complete the relevant notification filings.

4 October 2018, The BVI Companies (Amendment) Act 2015 introduced the obligation to file particulars of directors of BVI companies with the Registrar of Corporate Affairs by 31 March 2017.

The register of directors is not public but can be made available pursuant to a court order or on the written request of relevant authority acting in the exercise of power.

Now the obligations have been further tightened for companies that still are non-compliant on filing.

If a company has still not filed directors’ particulars by 31 December 2018, the company is at risk of being struck off the register.