No. However, the Authority must be notified of the persons appointed to such capacities and be satisfied that those persons are capable of fulfilling the requirements of the role.
It is preferred that the MLRO/Deputy MLRO be resident in the Cayman Islands. It is required that the suitably experienced and appropriately qualified, management level person holding such capacity must be able to properly fulfill the function of MLRO/Deputy MLRO.
No. It is however expected that an individual that is serving in either of these capacities will be an experienced and appropriately qualified, management level person.
No. However, it is a requirement that the auditor must be a chartered accountant, certified public accountant or some other professionally qualified accountant, approved by the Authority. Prior to the appointment of an auditor the name of the proposed auditor may be provided to the Authority and the Authority will confirm whether the proposed auditor would be suitable for the appointment.
No. All licensees are required to have a minimum of two (2) directors that are natural persons. Corporate directors will not be approved to sit on boards of licensed entities. Corporate directors that are licensed under the Directors Registration and Licensing Law, 2014, may be appointed to the boards of covered entities only. Covered entities are defined as:
a) a company to which paragraphs 1 and 4 of Schedule 4 of Schedule 4 of the Securities Investment Business Law (As Revised) applies; or
b) a mutual fund that is regulated under the mutual funds law (As Revised)
In determining whether a person is "fit and proper" the Authority will consider a person's: -
(a) honesty, integrity and reputation;
(b) competence and capability, and
(c) financial soundness.
Please refer to the Regulatory Procedure: Assessing Fitness and Propriety for further guidance.
Audited financial statements are due within three (3) months of the financial year-end for licensees under the Banks and Trust Companies Law (As Revised) and within six (6) months of the financial year-end for Companies Management licensees under the Companies Management Law (As Revised).
Yes, the holder of a Trust Licence shall pay the prescribed fee for each company for which the licensee provided registered office, but is unable to add or remove directors, up to the 31st day of December in the preceding year, unless explicitly exempted by the provision of a supervisory law.
Upon submission of all the requirements for the licence application, the turnaround period for processing an application is six (6) to eight (8) weeks.
It is preferred that registered Private Trust Companies (PTCs) appoint a minimum of two (2) natural persons to its board of directors. The requirement for licensed entities is to appoint a minimum of two (2) natural persons as directors. Although the Private Trust Companies Regulations (As Revised) is silent on the number and type of directors allowed on a PTC board, the Authority encourages the appointment of a minimum of two (2) natural persons to the board of a PTC.
The Private Trust Companies Regulations (As Revised) does not stipulate that Registered Private Trust Companies (PTCs) can only act as trustees of trusts with related beneficiaries and therefore does not preclude a PTC acting as trustee to a charitable trust.
No. Once a director has been given an ID and password, they retain that ID and password unless reset by the Authority.