Caribbean Regulatory Update – Q1 2025
16 January 2025
This Regulatory Update provides a snapshot of the key legal developments in the BVI and the Cayman Islands over the last quarter – including amendments to the BVI Business Companies Act, updates to Cayman Islands General Registry and Monetary Authority fees, and changes to the beneficial ownership regimes in both jurisdictions.
For additional information or for any questions, please reach out to your usual Mourant contact or one of the key contacts on this page.
See below for more details on the topics covered in this Update.
Key BVI Updates in Q1 2025
Changes to the BVI Business Companies regime
Annual returns filing date extension
Beneficial ownership regime changes
Sanctions delegation and authorisation
Trustee Act - Beneficial ownership amendments
BVI FSC and BVI FIA guidance on institutional risk assessments
Amendments to the AML Regulations – Approval of MLRO appointments
BVI FSC and BVI FIA guidance on mitigating risks with introduced business relationships
Amendments to the AML Code – MLRO ceasing to act and group wide policies
BVI FSC and BVI FIA guidance on effective enhanced customer due diligence measures
Counter-terrorism and proliferation financing regime amendments
BVI FSC MTR Forum Briefing
Amendments to limited partnership legislation
BVI FSC Newsletter: Quarter 4 of 2024
AML/CFT/CPF Returns requirement for VASPs
National AML/CFT/CPF policy and strategy
BVI FSC 2025 Strategic Vision
Securities and Investment Business Act amendments
New BVI CRS compliance form
Changes to the BVI FIA powers
Mourant Guides and Updates
Amendments to BVI FSC powers proposed
Key Cayman Updates in Q1 2025
Annual Registry fees increased
Beneficial ownership – legitimate interest access and access restriction
CIMA fee increases for regulated funds
Further beneficial ownership amendments proposed
CIMA fee increases for securities investment business
Economic substance amendments to align with beneficial ownership changes
CIMA Industry Notice - 2024 and 2025 annual fee deadlines and penalties
DITC Updates Bulletin
Additional increases to Registry fees
CIMA Rule and Statement of Guidance – Market Conduct for Trust and Corporate Services Providers and Company Managers
Additional CIMA licence fee increases
Supervisory Circular - Complaints handling and Regulatory Expectations
Monetary Authority Act amendments
Supervisory Circular - Crisis management framework
FRA Advisory – Defence Against Money Laundering / Consent Regime
CIMA Regulatory Update
Virtual Asset (Service Providers) (Amendment) Act
Mourant Guides and Updates
CIMA regulatory measures for VASPs
For additional information or for any questions, please reach out to your usual Mourant contact or one of the key contacts provided on this page.
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About Mourant
Mourant is a law firm-led, professional services business with over 60 years' experience in the financial services sector. We advise on the laws of the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg and provide specialist entity management, governance, regulatory and consulting services.
