Nature, accessibility and retention of records

This Statement of Guidance – Nature, Accessibility and Retention of Records provides guidance on the nature, accessibility, and retention of records for entities regulated or registered under the regulatory Acts in the Cayman Islands.
The document outlines the minimum expectations of a regulated entity’s record-keeping arrangements, which must be adequate to satisfy the requirements of CIMA and relevant regulations and Acts. The document emphasizes that the use of technology to handle records does not absolve the regulated entity of any regulatory or legal obligations for record-keeping.
The document also specifies the elements of records management, including the maintenance of adequate procedures for the availability, maintenance, security, privacy, and preservation of records, working papers, and documents of title belonging to the regulated entity, clients, or others. The regulated entity must review its record-keeping arrangements periodically, including where third parties are involved, and make adjustments if necessary.
The document also outlines the keeping of accounting records, which must be kept in such a manner that they are sufficient to show and explain the regulated entity’s transactions and commitments. The regulated entity must keep proper accounting records for a minimum of five years of operation or for a time period as required under the Anti-Money Laundering Regulations.
Regulated entities should maintain records in their original format for a minimum period of five years after the transaction date or any other period as stipulated in any applicable regulatory or other Acts.