As noted in our recent blog post, that can be found here. Cayman Reporting Financial Institutions can now appoint a legal entity, rather than an individual, as the Principal Point of Contact (PPOC) and Authorised Person (AP). This will greatly reduce the administrative burden of having to file PPOC and AP changes each time an individual leaves the employment of the Cayman Reporting Financial Institution or its service provider.
The PPOC and AP must be different entities, unless the entity is licensed by CIMA - the Tax Information Authority will now allow an entity that is licensed by the Cayman Islands Monetary Authority to act as both the PPOC and AP.
The updated institutional user guide was published by the TIA on its website on 17 March 2020.
Harneys has an experienced AEOI team that can assist with any queries and act as both the PPOC and AP. Please reach out to your usual Harneys representative or or visit harneys.com/Cayman.