Beneficial Ownership Register Requirements

1. INTRODUCTION

The Beneficial Ownership Transparency Act, 2023 (the "Act") and the Beneficial Ownership Transparency Regulations, 2024 ("Regulations"), imposes obligations on corporate service providers (each a "CSP") of certain Cayman Islands "legal persons" to maintain beneficial ownership registers at their registered offices and for the information contained in such registers to be uploaded to the competent authority for beneficial ownership, the General Registry (the "Competent Authority") via its Corporate Administration Platform ("CAP") system. The information is encrypted upon submission and further encrypted upon receipt. The data is then deleted from CAP and goes to a non-internet facing, offline server only accessible or searchable by or on behalf of the Competent Authority. The principal purpose of the Act and Regulations are to make beneficial ownership information normally held by CSPs readily accessible in response to proper and lawful requests