On 27 February 2025, Mourant hosted its annual Cayman Regulatory Conference at Hotel Indigo, Grand Cayman, bringing together prominent experts from the financial and regulatory sectors. Now an important fixture on the industry calendar, this year’s event attracted over 220 delegates, highlighting its reputation for offering expert insights and featuring top-tier speakers.
A packed agenda
From key regulatory updates to emerging trends in digital finance, the conference offered a comprehensive programme designed to keep industry professionals ahead of the curve.
Key topics included the Cayman Islands Monetary Authority’s (CIMA) regulatory priorities, the latest on the next phase of the virtual asset service provider (VASP) framework, what best practice looks like in business risk assessments and beneficial ownership reforms.
CIMA’s regulatory roadmap for 2025
Rohan Bromfield, Head of the Fiduciary Services Division at CIMA, outlined the authority’s priorities for 2025, including:
- Preparing the jurisdiction for the 5th round mutual evaluation by the Caribbean Financial Action Task Force (CFATF), with a strong focus on AML/CFT/CPF compliance.
- CIMA’s commitment to embracing innovation and digital transformation while continuing to monitor emerging risks.
- Strengthening collaboration between industry and regulators through outreach and training on supervisory measures.
The VASP framework: Phase 2
Samuel Jacques-Cloutier, senior policy advisor at the Cayman Islands Ministry of Financial Services and Commerce and Isabel Gumeyi, head of the VASP and FinTech Innovation Unit at CIMA provided crucial updates on phase 2 of the VASP regulatory framework.
They noted that, from 1 April 2025, new licensing and other provisions under the Virtual Asset (Service Providers) Act will come into effect for custodians and trading platforms.
In addition, they indicated the potential development of Phase 3, which could include an innovation sandbox and a framework for ICOs.
Business risk assessments: Setting the standard
Tony Shiplee, director at Mourant Consulting, walked delegates through what ‘good’ looks like in business risk assessments, emphasising:
- The need for senior management to be actively involved in preparing the business risk assessment and to fully understand its content.
- Key differences between proliferation financing risks and those associated with money laundering and terrorist financing.
Regulatory enforcement: Lessons from recent cases
Mourant Partner Hector Robinson KC delivered a compelling presentation on recent enforcement actions, covering the key lessons learned from recent regulatory enforcement cases in Cayman, various methods that can be applied to challenge CIMA’s enforcement decisions and why swift action is crucial when contesting a regulatory decision.
DITC compliance: How to prepare
Louise Somers, head of Tax Reporting Services at Mourant Governance Services, shared practical guidance on preparing for inspections by the Department for International Tax Cooperation (DITC).
This included specifically how to avoid the common triggers for DITC compliance notices, best practice tips for responding to compliance enquiries and Mourant’s new online AEOI Compliance Training and AML Training resources.
Suspicious activity reporting: Staying compliant
In a thought-provoking discussion, Peter Hayden, Mourant partner, and RJ Berry, director at the Financial Reporting Authority (FRA), explored the latest in suspicious activity reporting. Berry reminded delegates of the FRA’s role and functions and outlined the updates to the Proceeds of Crime Act (as amended), effective 2 January 2025, introducing the defence against money laundering (DAML)/consent regime.
In addition, the speakers offered guidance on how to comply with the DAML regime in a suspicious activity report as set out in a recent industry advisory published by the FRA.
Beneficial Ownership: Industry Perspectives
Moderated by Cayman Finance Editor Michael Klein, the closing session of the conference featured an expert panel, including Hon. André Ebanks MP, Karen Watson from the Cayman Islands Fund Administrators Association and Mourant Partner Sara Galletly. The discussions focused on the Beneficial Ownership Transparency (Legitimate Interest Access) Regulations, 2024, which came into force on 28 February 2025 and the impact of the Beneficial Ownership Transparency Act, 2023, on regulated Cayman funds. An audience-driven Q&A focused on compliance challenges and industry concerns.
Looking ahead
The Mourant Cayman Regulatory Conference 2025 once again offered engaging discussions, actionable insights and valuable industry connections. For a comprehensive summary of the issues covered at this event, please see Mourant’s briefing Top ‘take-aways’ from the 2025 Mourant Cayman Regulatory Conference.
