Registration with CARA is mandatory for firms of attorneys-at-law (including sole practitioners) in accordance with the Anti-Money Laundering Regulations (2020 Revision) (‘AMLRs’).
Pursuant to Regulation 55A of the AMLRs, if you are carrying on, or intend to carry on, business as a firm of attorneys-at-law in the Cayman Islands you are required to register with CARA as a Designated Non-Financial Business and Profession (“DNFBP’).
Please note ‘firm’ means, in respect of attorneys-at-law –
(i) a body corporate, association, partnership, or limited liability partnership of attorneys who are admitted to practice law in the Islands; or
(ii) an attorney admitted to practice law in the Islands who is in independent practice as a sole proprietor or who provides legal services to an employer other the Government.
Please note you do not have to register with CARA as an individual attorney-at-law (unless you are a sole practitioner or in-house counsel), only the firm in which you are employed must register.
You also do not have to register with CARA if you are employed as an attorney-at-law by the Cayman Islands Government, a statutory authority or a government company.
What is ‘Relevant Financial Business’?
Schedule 6 of POCA defines activities falling within the definition of ‘relevant financial business’ (‘RFB”).
We draw your attention to paragraph 14 of Schedule 6 which states –
“14. Financial, estate agency (including real estate agency or real estate brokering), legal and accounting services provided in the course of business relating to —
(a) the sale, purchase or mortgage of land or interests in land on behalf of clients or customers;
(b) management of client money, securities or other assets;
(ba) organization of contributions for the creation, operation or management of companies;
(c) management of bank, savings or securities accounts; and
(d) the creation, operation or management of legal persons or arrangements, and buying and selling of business entities.”
Which registration form do I complete?
If you have determined that your firm or practice is not conducting and does not intend to conduct relevant financial business, you will still need to register as a DNFBP. Please complete the registration form entitled Non-RFB Registration Form.
If you have determined that your firm or practice is conducting RFB, or you are uncertain whether your firm is within scope you will need to register as a DNFBP providing RFB. Please complete the registration form entitled RFB Registration Form.
How can I submit the form?
Please submit completed form(s) by emailing us at firstname.lastname@example.org.
Registration Help and Guidance
Please refer to guidance incorporated as footnotes in the relevant registration form you are required to complete.
Further information can be found on our Frequently Asked Questions here.
Should you still require further assistance please email email@example.com or call (345) 749 2272.