THE REGULATORY
Podcast
June 2025
15/15
Speakers
Chris Capewell Partner
+1 345 814 5666
chris.capewell@maples.com Jo Ottaway
+1 345 814 5511 jo.ottaway@maples.com Michelle Bailey
Vice President +1 345 814 5711 michelle.bailey@maples.com
Content
• AEOI Update
• Cayman Islands Monetary Authority (CIMA) AML Surveys
• Securities Investment Business Act (SIBA) Registered Persons (RPs)
• SIBA RP AML Surveys
• CIMA's Supervisory Information Circular – Onsite Inspection of RPs
• Virtual Asset Service Providers (VASP) Update
• Amendment Bill
• CIMA's Regulatory Policy on Licensing and Registration of VASPs
Introduction
Introduction to the 15/15
• A 15-minute summary of the latest developments in the regulatory laws of the Cayman Islands released on the 15th day of every month
• A copy of the previous 15/15 released on 15 May can be accessed on our website: Maples 15/15
• Comments and suggestions to format of the 15/15 are always welcome –please email speakers directly
AEOI Update
AEOI Update
• Ongoing comparison of entities registered on the DITC portal to GIIN lists, CIMA regulated entities and GR#, with missing registration notices being issued
• Breach notices with significant penalties now being issued following nonaction of previous reminder notices, with many being a breach of more than one CRS regulation and penalties of up to $20,000 per breach
• Ensuring date and place of birth is obtained for CRS reportable accounts
• Ensuring self-certification forms are obtained, DD procedures are carried out fully and reasonable checks conducted of self-certification forms against documents collected in account opening and publicly available information
• Completing DD within 90 days, accounts being closed/frozen with no payments being made to investors where outstanding items, and ensuring completing before reporting is due
• Regularly following up for missing TINs for pre-existing account holders, and using specific replacement TINs for reporting of US accounts to identify reason for not having TINs
AEOI Update (Cont'd)
• Ongoing review where KYC refresh or additional subscription or other docs
• The Cayman Islands' Reportable Jurisdictions list was updated on 31 March 2025, adding Saint Kitts and Nevis for reports due in 2025 and Cameroon and Mongolia for reports due in 2026. Tunisia is now included in reports due in 2026 instead of 2025.
• Timing of registration compared to reporting – explanations will be required:
• DITC will issue missing reporting notices for entities registered on the portal before 30 April 2025 that do not file 2024 returns/declarations;
• Where nil reports and compliance forms with no account holders and zero NAVs are filed
• New BVI payment and Additional information form requirements in effect
• Payment of $185/entity registered on the BVIFARS portal due by 30 June annually
• Additional information form due by 30 September and includes detailed information on account holders and policies and procedures
AEOI Update (Cont'd)
REMINDER: CAYMAN ISLANDS FINANCIAL INSTITUTIONS
UPCOMING AEOI DEADLINES
2024 Reporting Deadline
FATCA Reports 31 July 2025
CRS Reports
CRS Filing Declaration
CRS Compliance Form
July 2025
July 2025
September 2025
CIMAAML Surveys
CIMAAML Surveys
• CIMA has issued its annual AML Surveys (Securities, Trust, Company Manager, Corporate Service Providers and Mutual Funds Administrators)
• The timetable for the surveys is now consistent under CIMA's Reporting Schedule
• AML Surveys assist CIMA in collecting anti-money laundering, counterfinancing of terrorism and counter-proliferation financing ("AML/CFT/CPF") and sanctions data from regulated financial service providers ("FSPs")
• Surveys are distributed to the designated AMLCO, MLRO, registered office and "principal contacts" of FSPs based on CIMA's records
• Surveys can only be completed online by a relevant recipient accessing the link contained in CIMA's email
• Majority of the questions are business-specific/factual and need to be completed by or with the input of the FSP's AMLCO
• CIMA has published guidance for completing each AML survey
https://www.cima.ky/regulatory-forms-guidance-notes
CIMAAML Surveys (Cont'd)
• If you have not yet received the survey, contact CIMA at AMLSurveys@cima.ky
SIBA Registered Persons
SIBA RP AML Survey
• SIBA RP AML Surveys for 2025 have been distributed by CIMA
• If you have not received an email from CIMA yet, please reach out to
• AMLSurveys@cima.ky
• The 2025 survey questions are generally similar to last year with nuanced differences, so it is not possible to resubmit responses from 2024
• CIMA has published an updated Completion Guide available at: https://www.cima.ky/regulatory-forms-guidance-notes
• Completion deadline is 30 July 2025
• We are pleased to assist with any queries relating to the SIBA RP Survey or any CIMAAML Survey
Supervisory Information Circular – Onsite Inspections
• 8 May 2025 - CIMA published a supervisory information circular on the key findings from its onsite inspection of 113 RPs over the period 1 January 2022 to 31 March 2024
• Observed improvements:
• Employee training and awareness programme
• Oversight of AML/CFT compliance function
• Outsourced AML/CFT compliance functions
• Assessing risks and application of a Risk-Based Approach Internal reporting
• Record keeping
• Areas where improvements were not seen:
• Customer due diligence (CDD) and ongoing monitoring documentation
• Independent AML/CFT Audit Function
Supervisory Information
Circular – Onsite Inspections
• Conclusions and recommendations
• CIMA expects RPs will address identified deficiencies in a timely and thorough manner and is taking enforcement action where appropriate
• All RPs should take note of the report findings and act to ensure that their own AML/CFT compliance frameworks meet the standards prescribed as well as periodically assess their AML/CFT compliance programmes to ensure they are appropriate for the nature, size, and complexity of their business
• Any breach of a law, regulation, rule or non-compliance with a statement of guidance may result in an enforcement action
• that may include or be in addition to the imposition of an administrative fine for any breach of the Anti-Money Laundering Regulations (As Revised)
VASP Update
VASP Update
• 28 May 2025, the Cayman Islands Government (CIG) published the Virtual Asset (Service Providers) (Amendment) Bill, 2025
• The Bill seeks to amend the definition of "issuance of virtual assets" or "virtual asset issuance"
• once passed will mean "the sale of newly created virtual assets to the public in or from within the Cayman Islands in exchange for fiat currency, other virtual assets or other consideration"
• The aim of the amendments is to clarify the treatment of tokenised funds where traditional equity or investment interests are digitally represented on a blockchain
• The new definition will have effect for any tokenisation of an equity interest or an investment interest that may have occurred prior to commencement of the Virtual Asset (Service Providers) Act (As Revised) ("VASP Act")
• The Bill reflects an earlier Consultation released by the CIG at the end of 2024 and is a welcome update for the VASP sector
VASP Update (Cont'd)
• 23 May 2025 - CIMA published an updated Regulatory Policy on Licensing and Registration of Virtual Asset Service Providers
• Includes new guidance for those seeking waivers from the requirement to register/license under the VASP Act
• CIMA may grant a waiver "where the virtual asset service does not materially change the nature of the activity for which the 'Supervised Person' is [already] licensed or registered, and the supervision and oversight carried out in relation to the business of the Supervised Person is sufficient to include the virtual asset service"
• A formal waiver application must be filed, along with supporting documentation where requested by CIMA
• If the application is not approved, CIMA will refer the applicant to register or be licensed under the VASP Act
VASP Update (Cont'd)
• The VASP Policy also includes:
• More detailed guidance on the procedural requirements for registration and licensing
• Updates to registration and licensing requirements that reflect recent amendments to the VASP Act (including the requirement to have at least three directors)
• Direction to applicants seeking registration or licensing to refer to CIMA's checklist for ease in compiling all filing requirements
This presentation was presented on, and is only accurate to 13 June 2025. The information within this presentation is provided for general guidance only, is not intended to be comprehensive and does not constitute legal advice or give rise to an attorney / client relationship.
Specialist legal advice should be taken in relation to specific circumstances. If you require legal advice, please reach out to your usual Maples and Calder contact.
Published by Maples and Calder (Cayman) LLP. June 2025
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