By August Cayman’s electronic Beneficial Ownership information platform will be up and running.
Local authorities will be able to retrieve info held by local companies electronically which can then be shared with global law enforcement authorities.
Financial Services Chief Officer Dr. Dax Basdeo said Cayman is moving forward with its technology platform to speed up the transfer of beneficial ownership information to foreign regulators.
“The platform that we have designed, the technology solution was our own creation it was our way to improve our system and we’ve worked very closely with the industry and Cayman Finance in particular, to design a technology solution which is of a high standard,” Dr. Basdeo stated.
Dr. Basdeo said all local businesses will be part of the companies eligible to submit registry information, and the process will not stop at financial companies.
“Our local companies are also covered by international standards and therefore when it comes to making sure the police and others have access to information, we need to ensure we cover all our companies not just the ones that are doing financial services business,” Dr. Basdeo explained.
Cayman 27’s Mario Grey has more on this report.
News source: Cayman Compass