Beneficial Ownership Transparency (Legitimate Interest Access) Regulations, 2024 (SL 47 of 2024)

Summary

This regulation implements section 22(6) of the Beneficial Ownership Transparency Act, 2023 by setting out the process through which members of the public with a 'legitimate interest' can apply to access beneficial ownership information held on the Cayman Islands' search platform. It came into force on 28 February 2025.

Qualifying Applicants

• Journalists and researchers: Persons engaged in journalism or bona fide academic research.
• Civil society representatives: Persons acting on behalf of civil society organisations combating money laundering or terrorist financing.
• Business counterparties: Persons seeking information in connection with an actual or potential business relationship or transaction with the legal person concerned.

Applicants must demonstrate a legitimate interest connected to preventing, detecting, investigating, combating or prosecuting money laundering, predicate offences, or terrorist financing, and access cannot be granted where a prohibition on disclosure has been granted under the related Access Restriction Regulations.

Application Process

• How applications are made: Via an electronic portal, with supporting evidence and fees of CI$30 for one legal person or CI$100 for connected legal persons.
• Evaluation and decision: The competent authority must evaluate and decide on applications, granting or refusing access with written reasons, within seven working days of the decision.
• Record-keeping: Application and decision records must be retained for six years.

The document primarily governs the competent authority's administrative process but also creates conditions and evidentiary requirements that applicants -- journalists, researchers, civil society representatives, and business counterparties -- must satisfy to obtain access.

Key obligations

• Applicants must submit applications for access to search platform information via the competent authority's electronic portal.
• Applicants under regulation 3(a) or (b) must provide evidence of their credentials and identity and that the information is sought for a purpose specified in regulation 3.
• Applicants under regulation 3(c) must provide evidence of identity, the nature of the actual or potential business relationship or transaction, and that the information is sought for a purpose specified in regulation 3.
• Applicants must pay a fee of thirty dollars (single legal person) or one hundred dollars (multiple connected legal persons) with their application.
• The competent authority must evaluate applications and, within seven working days of making a decision to grant or refuse access, notify the applicant in writing and provide either the requested information or written reasons for refusal.
• The competent authority must keep proper records of each application and assign each a file number, retaining application records for six years after receipt.
• The competent authority must retain decision records (including the information provided if access was granted, or reasons if refused) for six years after the decision.

Applies to

legal persons (subjects of beneficial ownership information), applicants engaged in journalism, applicants conducting bona fide academic research, civil society organisations combating money laundering or terrorist financing, persons in actual or potential business relationships or transactions with a legal person, competent authority (General Registry)

Deadlines

• 28th February, 2025: Commencement date of the Regulations.
• within seven working days after making a decision: The competent authority must provide notice of grant or refusal of access, together with the information or reasons for refusal.
• six years after the date of receipt of the application: Retention period for records of each application.
• six years after the date of the relevant decision: Retention period for records of each decision on an application.

Related documents

• This document is made under Beneficial Ownership Transparency Act, 2023 (Act 13 of 2023)
• Beneficial Ownership Transparency (Legitimate Interest Access) (Amendment) Regulations, 2026 amends this document