Cayman Investors Under Excluded Person Regime Must File AML Reports by August

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The Cayman Islands government has published a new version of the Securities Investment Business (Amendment) Law 2019, in order to better regulate entities previously excluded from licensing requirements. The correction aims to fulfil the Cayman’s risk assessment as a jurisdiction in relation to the CFTAF’s (Caribbean Financial Action Task Force’s) impending Mutual Evaluation Report.

A new ‘registered person’ regime will replace the excluded person process; and the first step orders all excluded persons to come forward to file two anti-money laundering reporting forms just over a month from now by August 15th 2019, regardless of whether or not they wish to re-register by the January 15th 2020 registration deadline.