Anti-Financial Crime & Financial Crime Compliance
Regulatory Intelligence Leadership | Insight | Network

Compliance News, Financial Services, North America

CAYMANS: First fines for beneficial ownership violations as Islands align with FATF standards

The Cayman Islands has started imposing fines on companies that violate beneficial ownership rules – nearly four years after the law requiring registrations came into force.

The Registrar of Companies (RoC) – the Cayman watchdog for corporate entities – has said that by 1st February this year it had issued 19 fines of $5,000 to companies operating within the territory.

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!