Cayman Islands Introduces Trust Related Reporting Obligations

The Cayman Islands’ Private Trust Companies (Amendment) (No.2) Regulations 2019 and Trusts (Transparency) Regulations 2019 have now come into force, prescribing the records to be kept by a trustee for a trust constituted under Cayman Islands’ legislation, including service providers.

The legislation helps to address the Caribbean Financial Action Task Force's recommendations for consolidating of the Cayman Islands’ anti-money laundering (AML) regime, in preparation for upcoming FATF appraisals in February and June 2020.

Going forward, trust companies and trustees will have to disclose their status as trustees in certain circumstances, and the Cayman Registrar of Trusts is now mandated to share information with regulatory bodies and competent authorities in the Cayman Islands.