Financial Crime World

Beneficial Ownership Register in the Cayman Islands

The Beneficial Ownership Register (BOR) is a key component of the Cayman Islands’ efforts to increase transparency and accountability. In this article, we will provide an overview of the BOR and its requirements for Legal Persons.

Key Definitions

  • Reportable Legal Person (RLE): A person registered in or under the law of the Cayman Islands as a company, limited liability partnership, general partnership, or other entity with similar characteristics.
  • Beneficial Owner (BO): An individual who:
    • owns or controls directly or indirectly more than 25% of the issued shares in the RLE,
    • has right to exercise significant influence or control over the RLE, or
    • exercises significant influence or control over the RLE.
  • Identify Beneficial Owners: A Legal Person must identify its BOs and confirm their particulars with them by issuing a notice and requesting confirmation of the information.
  • Maintain Registers: CSPs have direct obligations under the BORR, including maintaining Registers on behalf of Legal Persons.

Access to Beneficial Ownership Information

  • Public Access: The Cayman Islands has committed to having a public register of beneficial ownership information by December 2023.
  • Regulatory Access: Until then, beneficial ownership information can only be made available to the public if and when regulations have been proposed by Cabinet and affirmed by a future resolution of Parliament.
  • International Requests: Other countries, such as the United Kingdom, can request that the Royal Cayman Islands Police Service make a formal request for the competent authority to execute a search of the Platform, with the beneficial ownership information being shared with the United Kingdom law enforcement official.