The Cayman Islands’ Registrar of Companies (RoC) has issued its first fines against firms that failed to submit accurate information on their ultimate beneficial owners.

The jurisdiction has fined 19 companies KY$5,000 each and sent warning letters to 18 trust and company service providers (TCSP), as at 1 February 2021.

These letters direct the companies to file beneficial ownership information with their TCSP, by a stated deadline. Failure to do so can result in companies being liable for the administrative fines.

If the fines are not paid, and/or the companies involved continue to not comply, they will be ...