GRAND CAYMAN (GIS) – The Department of Commerce & Investment (DCI) is continuing to make improvements for its customers and ensure effective Anti-Money Laundering Regulation by introducing four new Board policies.           

These measures come into force on Monday, 1 May 2019 and are driven by DCI’s new responsibility as a supervisor of Designated Non-Financial Businesses and Professions (DNFBPs), which include real estate agents and precious metal dealers.           

The first policy requirement impacts applicants for money-lending businesses, such as payday loan providers. Such businesses must submit proof of their source of funds with their applications.Additionally, applications will be subject to simplified due diligence by the DCI Compliance and Enforcement Unit, prior to review by the board.           

A second requirement concerns Real Estate and Precious Metals businesses, where applicants will be subject to due diligence and vetting by the DCI Compliance and Enforcement Unit, prior to board review.           

The third board policy concerns the licensing period for developers making applications under the Local Companies Control Law (LCCL).Such LCCL applications may be given a reduced, five-year period and licensees seeking longer will be required to resubmit new applications, including updated information about the status of the project.This policy change has been introduced to guard against developments being left incomplete, or delayed excessively, and the ensuing negative impacts this may have on investors and the Cayman Islands’ realty market.           

The last board policy requires developers making LCCL applications to include detailed information on the project and the exact location of developments.Further improvements may be undertaken by DCI later this year to amend the Trade and Business Licensing Law, as part of the Department’s wider ambition to streamline bureaucracy and make doing business in the Cayman Islands easier.