There are a number of regulatory developments in various jurisdictions to which we would like to draw your attention


Cayman Islands

Extended the deadline regarding the appointment AML Offices for any entity carrying relevant business
Below is the key content of  Cayman Islands Monetary Authority (CIMA)’s notice issued on 24 September 2018 regarding deadlines for the appointment and notification of Anti-Money Laundering Compliance Officers, Money Laundering Reporting Officers and Deputy Money Laundering Reporting Officers (collectively, the AML officers):

  1. Funds registered with or licensed by CIMA (Regulated Funds) are still required to appoint the AML Officers by 30 September 2018.  However, such Regulated Funds will now have until 31 December 2018 to complete the relevant notification filing on CIMA’s Regulatory Enhanced Electronic Forms Submission portal.
  2. Private equity funds, exempt mutual funds and other investment vehicles conducting relevant financial business that are not registered with or licensed by CIMA (Unregulated Investment Entities) have had the deadline for the appointment of AML Officers extended to 31 December 2018.

CIMA regulated entities which are terminating
To all entities registered with CIMA, if they decide to close down their registration/ licence by 30 September, they do not have to assign AML Officers.
However, if the mutual funds are continuing as closed-end funds, the entity after deregistration is counted as a relevant financial business. The entity must appoint AML Officers to avoid any administrative fines or penalties.


British Virgin Islands
Existing BVI companies fail to file Register of Director facing being struck-off
All existing BVI companies who fail to file their Register of Directors on or before 31st December 2018 to the BVI Registrar risk being struck off. The BVI Registrar may strike the company name off the Register. The latest amendment has been made to the BVI Business Companies Act with a new strike-off penalty for those failing to file a copy of Register of Directors.

Source of information provided by Marbury

View full report HERE


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