Caribbean Regulatory Update – Q1 2025

This Regulatory Update provides a snapshot of the key legal developments in the BVI and the Cayman Islands over the last quarter – including amendments to the BVI Business Companies Act, updates to Cayman Islands General Registry and Monetary Authority fees, and changes to the beneficial ownership regimes in both jurisdictions.

For additional information or for any questions, please reach out to your usual Mourant contact or one of the key contacts on this page.

See below for more details on the topics covered in this Update.

Key BVI Updates in Q1 2025

Changes to the BVI Business Companies regime

Annual returns filing date extension

Beneficial ownership regime changes

Sanctions delegation and authorisation

Trustee Act – Beneficial ownership amendments

BVI FSC and BVI FIA guidance on institutional risk assessments

Amendments to the AML Regulations – Approval of MLRO appointments

BVI FSC and BVI FIA guidance on mitigating risks with introduced business relationships

Amendments to the AML Code – MLRO ceasing to act and group wide policies

BVI FSC and BVI FIA guidance on effective enhanced customer due diligence measures

Counter-terrorism and proliferation financing regime amendments

BVI FSC MTR Forum Briefing

Amendments to limited partnership legislation

BVI FSC Newsletter: Quarter 4 of 2024

Banks and Trust Companies (Amendment) Act 2024

AML/CFT/CPF Returns requirement for VASPs

Insolvency (Amendment) Act 2024

National AML/CFT/CPF policy and strategy

Insurance (Amendment) Act 2024

BVI FSC 2025 Strategic Vision

Securities and Investment Business Act amendments

New BVI CRS compliance form

Changes to the BVI FIA powers

Mourant Guides and Updates

Amendments to BVI FSC powers proposed

Key Cayman Updates in Q1 2025

Annual Registry fees increased

Beneficial ownership – legitimate interest access and access restriction

CIMA fee increases for regulated funds

Further beneficial ownership amendments proposed

CIMA fee increases for securities investment business

Economic substance amendments to align with beneficial ownership changes

CIMA Industry Notice – 2024 and 2025 annual fee deadlines and penalties

DITC Updates Bulletin

Additional increases to Registry fees

CIMA Rule and Statement of Guidance – Market Conduct for Trust and Corporate Services Providers and Company Managers

Additional CIMA licence fee increases

Supervisory Circular – Complaints handling and Regulatory Expectations

Monetary Authority Act amendments

Supervisory Circular – Crisis management framework

FRA Advisory – Defence Against Money Laundering / Consent Regime

CIMA Regulatory Update

Virtual Asset (Service Providers) (Amendment) Act

Mourant Guides and Updates

CIMA regulatory measures for VASPs

For additional information or for any questions, please reach out to your usual Mourant contact or one of the key contacts provided on this page.