To assess whether a person is "fit and proper," the Authority considers the individual's: -

(a) honesty, integrity, and reputation;

(b) competence and capability, and

(c) financial soundness.

For further details, please refer to the Regulatory Policy and Procedure for Fitness and Propriety.

No. All licensees must have at least two directors who are natural persons. Corporate directors are not allowed to serve on the boards of licensed entities. However, corporate directors licensed under the Directors Registration and Licensing Law, 2014, may be appointed to the boards of covered entities only. Covered entities include:

     a) companies to which paragraphs 1 and 4 of Schedule 4 of the Securities Investment Business Law (As Revised) apply; or

     b) mutual funds regulated under the Mutual Funds Law (As Revised)

No. However, auditors must be chartered accountants, certified public accountants, or other professionally qualified accountants approved by the Authority. Before appointing an auditor, the proposed auditor’s name can be submitted to the Authority, who will confirm whether the candidate is suitable for the role.

Refer to the Trust Companies Statistics page for detailed information.

No. However, it is expected that the individual serving in either role is a qualified and experienced management-level professional.

While it is preferable for the MLRO/Deputy MLRO to be resident in the Cayman Islands, the person in this role must be sufficiently experienced and qualified to effectively fulfill the duties of MLRO/Deputy MLRO.

No. However, the Authority must be informed of the appointments, and it must be assured that those individuals are capable of meeting the role’s responsibilities.

Once all required documents are submitted, the processing time for a license application is typically between six (6) to eight (8) weeks.

Yes, Trust License holders must pay a fee for each company they provide registered office services for, without the ability to add or remove directors, as of December 31st of the previous year, unless exempted by law.

• Reasons for the name change
• Submission of the original license
• A certified copy of the shareholder's resolution approving the name change
• A certified copy of the Certificate of Incorporation on Change of Name from the Registrar of Companies
• Payment of CI$500

• A letter stating the reason for the auditor change
• A letter from the new proposed auditor confirming their appointment, willingness to act, and awareness of their obligations under the Banks & Trust Companies Law (As Revised)
• A letter from the outgoing auditors confirming the reasons for the termination of their services
• Payment of CI$500.00

Copies of the Banks and Trust Companies Law are available in the Acts and Regulations section of the website.

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 for Companies Management licensees under the Companies Management Law (As Revised).

While it is preferred that a Private Trust Company (PTC) appoint at least two (2) natural persons as directors, the Private Trust Companies Regulations (As Revised) does not specify the number or type of directors required. The Authority, however, recommends that a minimum of two (2) natural persons be appointed to the board of a PTC.

The Private Trust Companies Regulations (As Revised) do not limit a Registered Private Trust Company (PTC) to only act as a trustee for trusts with related beneficiaries, so a PTC can indeed serve as a trustee for a charitable trust.

No, directors retain their original ID and password, which remain valid unless the Authority resets them.