A: SenseCheck
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- 24 May 2023
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Other ...:
Banks and Trust Companies (Licence Applications and Fees) Regulations (2021 Revision).
Notable points:
Where an applicant is a branch of a bank or trust company incorporated and licensed in a country that is designated, in accordance with section 5(2) of the Proceeds of Crime Act (2020 Revision), as having measures for combating money laundering and the financing of terrorism which are equivalent to those of the Islands the Authority may, in lieu of the information required in paragraph 10 of the Schedule, accept from the applicant such other information as the Authority considers satisfactory. - can we rely on this?
Fees
5(i) the initial application for a Trust licence alone $70,000 and6(o) on renewal for a Trust licence alone, (in any case where the licence holder is not a subsidiary or branch of a bank licensed in a country or territory outside the Islands); $90,000
- 18 May 2023
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Can't answer yes or no.:
Regulation of Trust Business
The Banks and Trust Companies Act and the Private Trust Companies Regulations give the Cayman Islands Monetary Authority (CIMA) the responsibility of regulating the trust industry in the Cayman Islands. This includes licensing / registration and ongoing supervision.
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