The Tax Information Authority (the “TIA”) and the Cayman Islands Monetary Authority ("CIMA") are conducting audits of financial institutions and regulated entities.
Financial institutions must have automatic exchange of information (i.e. FATCA and CRS) written policies in place and funds must have certain policies and procedures in place to be compliant with their legal and regulatory obligations. These would include, amongst others, anti-money laundering, data protection and FATCA and CRS written policies, for example. Funds must also have corporate governance policies in place. If you have a financial institution/fund that does not have these policies and procedures in place, then you should as a matter of priority seek to adopt and implement the requisite policies as fines/penalties can be applicable.
Please contact your attorney at Stuarts who can assist with the preparation and drafting of the necessary policies.