According to the amendments to section 254 of the Cayman Companies Act (2022 Revision) (“Companies Act”), which was published in June 2022, Cayman companies are required to provide information identifying the individual from their unexpired and valid passport or other government-issued identification documents for beneficial ownership register (“ROBO”). In other words, passport or other government-issued identification documents which have expired could no longer be used by companies when providing identity details for beneficial ownership information purposes and the identification documents must be up-to-date.
Impact on Cayman companies and what they should do
- In order to comply with the regulations, beneficial owner who is an individual is obliged to notify and provide Sertus with their updated passport or other government-issued identification documents in a timely manner should the one previously provided has expired.
- In order to comply with the regulatory requirements under the Companies Act to maintain an accurate and up-to-date beneficial ownership information, the ROBO shall also be updated accordingly.
Please note that the above measures are the requirements of the Cayman Islands legislation and that a company which fails to keep its ROBO up-to-date is an offence, it may be subjected to a fine.
Disclaimer
Kindly note that this eNews is not exhaustive but just intended to provide a general reference. This is not a legal advice and should not be regarded as a substitute for a specific legal advice that meet your ircumstances. Sertus does not accept any responsibility for any errors or omissions of the contents of this eNews.