The Cayman Islands Monetary Authority (CIMA) has published an updated Statement of Guidance on the Nature, Accessibility and Retention of Records (the Guidance). Its objective is to ensure that persons and entities regulated or registered under Cayman Islands regulatory laws, including company directors registered or licensed under the Directors Registration and Licensing Law, maintain records in a manner that promotes accessibility, clarity and the reduction of risk.
Previous guidance was first issued by CIMA in October 2003 and the new Guidance is based on research conducted by CIMA, feedback received from industry participants and a review of laws/measures issued in various jurisdictions. It is not intended to be prescriptive or exhaustive but rather it sets out CIMA's "minimum expectations" of a relevant entity's record keeping arrangements.
The Guidance will be of obvious benefit and reassurance to international clients of the Cayman Islands given the recent havoc wrought by storms elsewhere in the Caribbean. Clarity and certainty of robust information systems, data retention, controls and back up, further strengthen the Cayman Islands position as a leading international financial centre. In addition, the Guidance will help the Cayman Islands further demonstrate its commitment to ensuring proper maintenance of records, noting that discussions surrounding beneficial ownership information have been a high priority to international organisations such as the Organization for Economic Cooperation and Development and the Financial Action Task Force.
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