The Cayman Islands Tax Information Authority (TIA) has published enforcement guidelines for the Common Reporting Standard (CRS) and economic substance regimes, setting out the penalties payable for breaches. Offences committed by a body corporate or by an individual who forms part of an unincorporated Cayman Islands financial institution could be liable for fines of more than USD60,000, with imputed criminal liability for directors, managers, secretaries and other officers, members, general partners, partners and trustees. Entities that failed to meet the economic substance test can be fined up to USD122,000.
News Source：【Mourant 2022/04/20】
From July 2022, all Cayman Islands virtual asset service providers (VASPs) will have to obtain and hold accurate information on the originators and recipients of asset transfers. All registered VASPs must inform the Cayman Islands Monetary Authority (CIMA) how they will comply with these 'travel rule' provisions by 31 March 2022.
News Source：【CIMA 2022/02/22】