Cayman Islands: corporate bank account opening
Cayman corporate account opening: the 10% ownership test, company-supplied records and authorised signatories.
Cayman Islands · Banks · CIMA
Corporate customers, including overseas companies · Account opening: AML/CDD review
By Matthew Lee
Obtain incorporation evidence, registered particulars, constitutional documents and business details. The Cayman registry guide explains which records are accessible. Request current ownership records from the company or its registered office where public products do not supply them.
Apply the Cayman ownership test
For an unlisted company, the AML Regulations' beneficial-owner definition includes individuals ultimately owning or controlling 10% or more of shares or voting rights, alongside ultimate effective control. Obtain the relevant intermediate-company records and nominee or voting agreements. Do not import a 25% threshold from another jurisdiction.
Identify and verify the relevant parties under the regulations. Verify representatives and authority using the constitution, resolution, mandate or power of attorney; check whether instructions require joint signatures.
Funding and approval
Record the account purpose, expected payments and source of funds. For a holding or investment company, obtain the subscription, distribution or loan documents needed to substantiate proposed transfers. Apply enhanced measures and relevant PEP approvals where required, and resolve sanctions findings.
Complete the required verification on the regulations' timing conditions before permitting activity. Review changes to owners, nominees or account operators during ongoing monitoring.
Regulation 31 establishes a minimum five-year record period with the relevant relationship and transaction starting events; retain the verification evidence and subsequent material changes accordingly.