Ian Mason

Jan 17, 2025 | mondaq.com | Lucy Frew |Ian Mason

Key takeawaysAmendments to the Cayman Islands Proceeds of Crime Act cameinto effect on 2 January 2025 and include revisions to thesuspicious activity report (SAR) process to the Financial ReportingAuthority (FRA). In addition to a SAR, a person must now also receive priorconsent from the FRA in order to have a defence against moneylaundering (DAML).

Jul 26, 2024 | mondaq.com | Lucy Frew |Andrew Howarth |Dilmun Leach |Ian Mason

KEY TAKEAWAYS: Regulators must develop systems that work with the decentralised nature of blockchain and digital assets, while focusing on consumer protection and accountability at the same time. Increased international cooperation is a must for making effective regulatory frameworks that can handle the borderless operations of blockchain enterprises. Tokenisation is set to be a key feature of the next decade of decentralisation.

Jul 25, 2024 | mondaq.com | Ian Mason

KEY TAKEAWAYS: We now provide Economic Substance Notification (ESN) and Economic Substance Report (ES Report) filing services for ADGM and DIFC entities ADGM and DIFC entities must submit ES Notifications annually, detailing activities, income and financial year-end, within six months to avoid a AED 20,000 penalty Entities with relevant activities and income must file an ES Report within twelve months to meet Economic Substance Test requirements, facing a AED 50,000 penalty for non-compliance...

Oct 16, 2023 | mondaq.com | Lucy Frew |Nicholas Quin |Andrew Howarth |Ian Mason

On 30 August 2023, following industry consultation, the Cayman Islands Monetary Authority ("CIMA") issued a new Rule and Statement of Guidance on Nature, Accessibility and Retention of Records for Licensees Conducting the Business of Company Management (the "Company Manager Rules and Guidance"), which establishes minimum requirements, and provides guidance, on the maintenance of records in a manner that promotes accessibility, retention and appropriate security.

Aug 8, 2023 | mondaq.com | Lucy Frew |Ian Mason

Walkers' regulatory partners Lucy Frew and Ian Mason consider the learning points for financial services providers (FSPs) from recent enforcement actions by Cayman regulatory bodies. While financial services and related regulation on the Cayman Islands is not concentrated within a single authority, the Cayman Islands Monetary Authority (CIMA) is responsible for most areas of financial regulation.