Beneficial Ownership Transparency Act, 2023
Summary
Legislation consolidating and enhancing the framework for identifying and registering the beneficial owners of legal persons in the Cayman Islands.
Sources
Beneficial_Ownership_Transparency_Act, _2023.pdf
Last Updated
2026-04-27
The Beneficial Ownership Transparency Act, 2023, requires legal persons to identify their beneficial-ownership and maintain a non-public register of that information.
Key provisions include:
- Duty to Identify: Legal persons must take reasonable steps to identify every individual who is a beneficial owner and every reportable legal entity.
- Role of CSPs: Corporate Services Providers are responsible for establishing and maintaining the register and verifying the information provided against reliable sources.
- Competent Authority: The Minister maintains a centralized search platform accessible by law enforcement and regulatory bodies (e.g., CIMA, FRA, Police).
- Sanctions: Includes the power to issue "Restrictions Notices" to freeze interests in a company and administrative fines for non-compliance. Persistent failure to comply can result in the entity being struck off and dissolved.