The Cayman Islands Trusts Law has been amended for the second time in 2019, with the introduction of a statutory obligation on trustees to maintain and keep up-to-date certain trust records. In particular, trustees are now obliged to keep records about trust parties (settlors, beneficiaries, protectors, etc) as well as any other person exercising ultimate effective control of a trust. Trustees now also have a statutory obligation to maintain trust accounts. These obligations are imposed on trustees of all Cayman Islands trusts, irrespective of the location of the trustee.
Read the full article here on HARNEYS website.