Beneficial Ownership Transparency Regulations, 2024 (SL 26 of 2024)

Summary

These are the implementing Regulations made under the Beneficial Ownership Transparency Act, 2023, and they took effect immediately after that Act came into force. They flesh out the practical mechanics of Cayman's beneficial ownership regime.

• Additional particulars that legal persons and corporate services providers (CSPs) must record on beneficial ownership registers
• Timing and format for CSPs to deposit beneficial ownership information with the competent authority (the Registrar)
• Content and withdrawal process for restrictions notices
• An administrative fines regime for breaches of the Act or Regulations
• Rules for calculating direct/indirect interests and voting rights
• A fee for search-platform access

The Regulations apply mainly to 'legal persons' (companies, LLCs, LLPs, exempted limited partnerships and partnerships formed under Cayman law) and their corporate services providers, who bear most of the day-to-day compliance duties. They also touch licensed financial institutions and designated non-financial businesses or professions insofar as they access the beneficial ownership search platform, and set out procedures for the Registrar and a competent authority/review committee in relation to administrative fines and appeals.

• Require legal persons to give CSPs specified additional information (e.g., date of death of a deceased beneficial owner, updates when particulars become out of date)
• Require CSPs to mark registers 'pending' when particulars are unconfirmed
• Dictate what a restrictions notice and a withdrawal notice must contain and when they must be sent
• Set the frequency for CSPs depositing beneficial ownership data with the competent authority
• Create a schedule of administrative fines for listed breaches with a notice, appeal and review process
• Prescribe a US$1,500 annual fee per user for search-platform access under Schedule 3

Key obligations

• A legal person that becomes aware that any required particulars have ceased to be current must notify its corporate services provider in writing within thirty days of becoming aware of that fact, providing the amended particulars.
• A legal person must provide additional required matters (e.g., date of death of a deceased registrable beneficial owner) in writing to its corporate services provider.
• A corporate services provider must note 'pending' on a legal person's beneficial ownership register where required particulars of a registrable beneficial owner have not yet been identified, confirmed or verified.
• A corporate services provider must update the beneficial ownership register promptly upon receiving amended particulars from the legal person.
• A corporate services provider must deposit beneficial ownership information (or a no-change indicator) with the competent authority not less than once a month, in the manner and format specified by the competent authority, except every ninety days for a legal person in liquidation and every three hundred and sixty-five days for an ordinary resident company.
• A corporate services provider that issues a restrictions notice must note the date of issuance in the beneficial ownership register, and the restrictions notice must contain the specified content set out in regulation 9.
• Where a corporate services provider is required to withdraw a restrictions notice, it must send the withdrawal notice to the legal person within fourteen days of being required to do so, containing the specified content, and must update the register and note the basis for withdrawal.
• A single nationality must be recorded for each registrable beneficial owner, and multiple nationalities (where held) must be indicated in the register.
• A person who receives an administrative fine notice may appeal to the competent authority using the Schedule 2 form within thirty days of receipt of the notice.
• An administrative fine notice issued by the Registrar must specify the breach, amount, payment method, payment deadline, effects of non-payment, appeal process and reasons for the decision.
• Licensed financial institutions or designated non-financial businesses or professions accessing beneficial ownership information via the search platform under regulation 55A of the Anti-Money Laundering Regulations must pay an annual fee of $1,500 per user.

Applies to

legal persons (companies, limited liability companies, limited liability partnerships, exempted limited partnerships, partnerships), corporate services providers, licensed financial institutions, designated non-financial businesses or professions, licensed fund administrators

Deadlines

• within thirty days of becoming aware: A legal person must give its corporate services provider written confirmation of amended particulars once information ceases to be current.
• not less than once in each month: Corporate services providers must deposit beneficial ownership information (or a no-change indicator) with the competent authority.
• every ninety days: Deposit period for beneficial ownership information/indicator for a legal person that is in liquidation.
• every three hundred and sixty-five days: Deposit period for beneficial ownership information/indicator for an ordinary resident company.
• within fourteen days after the day the corporate services provider is required to withdraw the restrictions notice: Withdrawal notice for a restrictions notice must be sent to the legal person.
• within thirty days after the date of receipt of the administrative fine notice: Deadline for a person to apply to the competent authority to appeal an administrative fine.
• immediately after the Beneficial Ownership Transparency Act, 2023 comes into force: Commencement date of these Regulations.

Related documents

• This document commences Beneficial Ownership Transparency Act, 2023 (Act 13 of 2023)
• This document is made under Beneficial Ownership Transparency Act, 2023 (Act 13 of 2023)
• Beneficial Ownership Transparency (Amendment) Regulations, 2025 (SL 16 of 2025) amends this document
• Beneficial Ownership Transparency Regulations (2026 Revision) replaces this document