On 16 February, the Cayman News Service reported that the Registrar of Companies has begun fining companies registered here that have failed to submit accurate information on their ultimate beneficial owners and ignored warning letters to do so, with 19 administrative fines of $5,000 against companies for noncompliance. The Ministry of Financial Services also noted that TCSP can also be fined in relation to beneficial ownership noncompliance if they do not fulfil their legal responsibilities to file restriction notices that curb companies’ abilities to conduct certain business activities if they have not provided the ownership information. As of 1 February, the Registrar had issued warning letters to 18 TCSP that had not filed restriction notices.
https://caymannewsservice.com/2021/02/registrar-fines-companies-not-revealing-owners/
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