Regulatory Compliance

We assist clients in aligning their internal policies and procedures with that of the obligations as imposed by the various regulations of the Tax Information Authority Law (as amended), specifically the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) Regulations which are now in effect in the Cayman Islands.

The Organisation for Economic Co-operation for Development (OECD) has introduced CRS directives mandated by the G20, which domestically has been given effect by the Tax Information Authority (TIA). TIA has issued Regulations, as amended in 2016 to regulate obligations as well as issued Guidance Notes, to assist Cayman Financial Institutions (CFIs) in navigating their obligations under the Regulations. There are CRS reporting requirements which run concurrently with Reporting CFI’s current obligations under US and UK FATCA directives which are similar, but broader in scope and are different with respect to certain definitions and reporting requirements. It is expected that the UK FATCA obligations will continue throughout 2017 and are expected to be subsumed by CRS by the end of the year.

We assist CFIs with client account reviews for FATCA/CRS compliance and by drafting policies and procedures which encompass those obligations and are required under the FATCA and CRS Regulations. CRS imposes certain obligations whether or not you are a Reporting or Non-Reporting Cayman Financial Institution. If you are unsure of your classification or your obligations under the TIA Law, allow us the opportunity let us navigate you through your compliance and regulatory needs.

We can assist clients which are regulated entities with their regulatory obligations to CIMA by preparing your firm for CIMA inspections and review client due diligence and corporate governance policies and procedures for compliance.

  • CRS and FATCA, AML client due diligence and corporate governance reviews;
  • Registration, Notification and Annual Reporting on the AEOI Portal; and
  • Draft policies and procedures which satisfy Cayman Reporting Financial Institutions (CRFIs) obligations under the Tax Information Authority Law and its various regulations for US FATCA and CRS.