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The CDD rule enhances CDD requirements for "U.S. banks, mutual funds, brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities. [3]" The CDD rule requires that financial institutions identify and verify the identity of customers associated with open accounts. The CDD rule has four core requirements: [3]
In July 2016, FinCEN enacted new rules regarding beneficial ownership: [2] Financial institutions must collect from the legal entity customer the name, date of birth, address, and social security number or other government identification number (passport number or other similar information in the case of foreign persons) for individuals who own ...
In 2018, the People's Progressive Movement-led coalition government pledged to form a Coast Guard to protect the interests of the Islands, especially in terms of illegal immigration and illegal drug importation as well as Search and Rescue. [3] In mid-2018, the commander and second-in-command of the Cayman Islands Coast Guard were appointed.
The current Constitution of the Cayman Islands, the fourth written constitution for the Cayman Islands since 1959, was established by "The Cayman Islands Constitution Order 2009" of 10 June 2009, and came into force on 4 November 2009, by a proclamation published by the governor of the Cayman Islands.
The business and affairs of a Cayman Islands company are usually managed by its board of directors. [23] The board must consist of one or more persons, and these may be individuals or companies. Directors owe strict duties of good faith to exercise their powers for a proper purpose and in the best interests of the company. [24]
The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands and supervises its currency board. [2]The CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides assistance to overseas regulatory authorities and advises the Cayman Islands government on financial-services regulatory matters.
Demographically, the 2021 census reported the population of the Cayman Islands to be 69,656, representing a mix of more than 100 nationalities. [1] The vast majority of people reside on Grand Cayman with Cayman Brac being the second most populated with about 2,000 residents, followed by Little Cayman with around 200 permanent residents.
The Cayman Islands Regiment is the home defence unit of the British Overseas Territory of the Cayman Islands. It is a territorial infantry and engineer reserve unit of the British Armed Forces that was formed in 2020. The regiment has an authorized strength level objective of 175 personnel, akin to that of a company-sized unit. [1]