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The Bill also seeks to require banks or a Cayman banking group to make public disclosures and provides for incidental and connected purposes. Clause 1 provides for the short title of the legislation. Clause 2 seeks to amend section 13 of the principal Law to require an auditor to give notice to the Authority where the auditor suspects that Part 8 of the Limited Liability Partnership Law, 2017 is being contravened by a licensee who is a \u201ccorporate services provider\u201d as defined in that Part. Clause 3 seeks to amend section 15 of the principal Law to provide an obligation which requires a person carrying on trust business when acting in the capacity as a trustee of a trust to disclose that status to persons conducting relevant financial business under Schedule 6 of the Proceeds of Crime Law (2019 Revision) when entering into a business relationship or one-off transaction with such persons. Clause 4 seeks to amend section 18 of the principal Law to enable the Authority to sanction a licensee that contravenes Part 8 of the Limited Liability Partnership Law, 2017. Clause 5 seeks to amend the principal Law to introduce a new section 18A which empowers the Authority to require a licensee holding a licence to carry on banking business or a Cayman banking group to make public disclosures as may be specified by the Authority. Clause 6 seeks to amend section 22 of the principal Law to give a Justice of the Peace the power to issue a search warrant to the Authority where there is reason to believe that an offence has been committed against Part 8 of the Limited Liability Partnership Law, 2017. Banks and Trust Companies (Amendment) Bill, 2019 Arrangement of Clauses Introduced BANKS AND TRUST COMPANIES (AMENDMENT) BILL, 2019 Arrangement of Clauses Clause 1.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 13 of the Banks and Trust Companies Law (2018 Revision) - 3. 4. 5.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Banks and Trust Companies (Amendment) Bill, 2019 Clause 1 Introduced BANKS AND TRUST COMPANIES (AMENDMENT) BILL, 2019 A BILL FOR A LAW TO AMEND THE BANKS AND TRUST COMPANIES LAW (2018 REVISION) TO EMPOWER THE MONETARY AUTHORITY TO REQUIRE LICENSEES PROVIDING COMPANY MANAGEMENT SERVICES TO COMPLY WITH PART 8 OF THE LIMITED LIABILITY PARTNERSHIP LAW, 2017; TO REQUIRE A TRUST COMPANY TO DISCLOSE ITS STATUS AS A TRUSTEE; TO REQUIRE BANKS OR A CAYMAN BANKING GROUP TO MAKE PUBLIC DISCLOSURES; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Law may be cited as the Banks and Trust Companies (Amendment) Law, 2019. 2. Amendment of section 13 of the Banks and Trust Companies Law (2018 Revision) - obligations of auditors 2. The Banks and Trust Companies Law (2018 Revision), in this Law referred to as \u201cthe principal Law\u201d, is amended in section 13(1)(e)(ia) by deleting the words \u201cor Part 12 of the Limited Liability Companies Law (2018 Revision)\u201d and substituting the words \u201c, Part 12 of the Limited Liability Companies Law (2018 Revision) or Part 8 of the Limited Liability Partnership Law, 2017\u201d. Clause 3 Banks and Trust Companies (Amendment) Bill, 2019 Introduced\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 15 - general requirements for trust companies 3. The principal Law is amended in section 15 by inserting after subsection (2), the following subsection \u2014 \u201c(3) Where a trust company acting in its capacity as a trustee of a trust forms a business relationship or enters into a one-off transaction with a person conducting relevant financial business under Schedule 6 of the Proceeds of Crime Law (2019 Revision), the trust company shall \u2014 (a) at the time or before the business relationship is formed; or (b) at the time or before the transaction is entered into, take reasonable steps to inform the person that the trust company is carrying on trust business and is acting in its capacity as a trustee of a trust.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 18 - additional powers of Authority 4. The principal Law is amended in section 18(1)(ca) by deleting the words \u201cor Part 12 of the Limited Liability Companies Law (2018 Revision)\u201d and substituting the words \u201c, Part 12 of the Limited Liability Companies Law (2018 Revision) or Part 8 of the Limited Liability Partnership Law, 2017\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Insertion of section 18A - power to require public disclosures 5. The principal Law is amended by inserting after section 18, the following section \u2014 \u201cPower to require public disclosures 18A. The Authority may require a licensee holding a licence to carry on banking business or a Cayman banking group to make public disclosures as may be specified by the Authority.\u201d. 6. Amendment of section 22 - power of search 6. The principal Law is amended in section 22(1)(a) by deleting the words \u201cor Part 12 of the Limited Liability Companies Law (2018 Revision)\u201d and substituting the words Banks and Trust Companies (Amendment) Bill, 2019 Clause 6 Introduced \u201c, Part 12 of the Limited Liability Companies Law (2018 Revision) or Part 8 of the Limited Liability Partnership Law, 2017\u201d. Passed by the Legislative Assembly the       day of                           , 2019. 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The Bill also seeks to require banks or a Cayman banking group to make public\ndisclosures and provides for incidental and connected purposes.\nClause 1 provides for the short title of the legislation.\nClause 2 seeks to amend section 13 of the principal Law to require an auditor to give notice\nto the Authority where the auditor suspects that Part 8 of the Limited Liability Partnership\nLaw, 2017 is being contravened by a licensee who is a \u201ccorporate services provider\u201d as\ndefined in that Part.\nClause 3 seeks to amend section 15 of the principal Law to provide an obligation which\nrequires a person carrying on trust business when acting in the capacity as a trustee of a\ntrust to disclose that status to persons conducting relevant financial business under\nSchedule 6 of the Proceeds of Crime Law (2019 Revision) when entering into a business\nrelationship or one-off transaction with such persons.\nClause 4 seeks to amend section 18 of the principal Law to enable the Authority to sanction\na licensee that contravenes Part 8 of the Limited Liability Partnership Law, 2017.\nClause 5 seeks to amend the principal Law to introduce a new section 18A which\nempowers the Authority to require a licensee holding a licence to carry on banking business\nor a Cayman banking group to make public disclosures as may be specified by the\nAuthority.\nClause 6 seeks to amend section 22 of the principal Law to give a Justice of the Peace the\npower to issue a search warrant to the Authority where there is reason to believe that an\noffence has been committed against Part 8 of the Limited Liability Partnership Law, 2017.\n\nBanks and Trust Companies (Amendment) Bill, 2019\nArrangement of Clauses\n\nc\nIntroduced\nPage 5\n\nCAYMAN ISLANDS\n\nBANKS AND TRUST COMPANIES\n(AMENDMENT) BILL, 2019\n\nArrangement of Clauses\nClause\nPage\n1.\nShort title ...................................................................................................................................7\n2.\nAmendment of section 13 of the Banks and Trust Companies Law (2018 Revision) -\nobligations of auditors ................................................................................................................7\n3.\nAmendment of section 15 - general requirements for trust companies .......................................8\n4.\nAmendment of section 18 - additional powers of Authority .........................................................8\n5.\nInsertion of section 18A - power to require public disclosures ....................................................8\n6.\nAmendment of section 22 - power of search ..............................................................................8\n\nBanks and Trust Companies (Amendment) Bill, 2019\nClause 1\n\nc\nIntroduced\nPage 7\n\nCAYMAN ISLANDS\n\nBANKS AND TRUST COMPANIES\n(AMENDMENT) BILL, 2019\n\nA BILL FOR A LAW TO AMEND THE BANKS AND TRUST COMPANIES LAW (2018\nREVISION) TO EMPOWER THE MONETARY AUTHORITY TO REQUIRE LICENSEES\nPROVIDING COMPANY MANAGEMENT SERVICES TO COMPLY WITH PART 8 OF\nTHE LIMITED LIABILITY PARTNERSHIP LAW, 2017; TO REQUIRE A TRUST\nCOMPANY TO DISCLOSE ITS STATUS AS A TRUSTEE; TO REQUIRE BANKS OR A\nCAYMAN BANKING GROUP TO MAKE PUBLIC DISCLOSURES; AND FOR\nINCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Law may be cited as the Banks and Trust Companies (Amendment) Law, 2019.\n2.\nAmendment of section 13 of the Banks and Trust Companies Law (2018\nRevision) - obligations of auditors\n2.\nThe Banks and Trust Companies Law (2018 Revision), in this Law referred to as \u201cthe\nprincipal Law\u201d, is amended in section 13(1)(e)(ia) by deleting the words \u201cor Part 12\nof the Limited Liability Companies Law (2018 Revision)\u201d and substituting the words\n\u201c, Part 12 of the Limited Liability Companies Law (2018 Revision) or Part 8 of the\nLimited Liability Partnership Law, 2017\u201d.\n\nClause 3\nBanks and Trust Companies (Amendment) Bill, 2019\n\nPage 8\nIntroduced\nc\n\n3.\nAmendment of section 15 - general requirements for trust companies\n3.\nThe principal Law is amended in section 15 by inserting after subsection (2), the\nfollowing subsection \u2014\n\u201c(3) Where a trust company acting in its capacity as a trustee of a trust\nforms a business relationship or enters into a one-off transaction with\na person conducting relevant financial business under Schedule 6 of\nthe Proceeds of Crime Law (2019 Revision), the trust company\nshall \u2014\n(a) at the time or before the business relationship is formed; or\n(b) at the time or before the transaction is entered into,\ntake reasonable steps to inform the person that the trust company is\ncarrying on trust business and is acting in its capacity as a trustee of\na trust.\u201d.\n\n4.\nAmendment of section 18 - additional powers of Authority\n4.\nThe principal Law is amended in section 18(1)(ca) by deleting the words \u201cor Part 12\nof the Limited Liability Companies Law (2018 Revision)\u201d and substituting the words\n\u201c, Part 12 of the Limited Liability Companies Law (2018 Revision) or Part 8 of the\nLimited Liability Partnership Law, 2017\u201d.\n\n5.\nInsertion of section 18A - power to require public disclosures\n5.\nThe principal Law is amended by inserting after section 18, the following section \u2014\n\n\u201cPower to require public disclosures\n18A. The Authority may require a licensee holding a licence to carry on\nbanking business or a Cayman banking group to make public disclosures\nas may be specified by the Authority.\u201d.\n\n6.\nAmendment of section 22 - power of search\n6.\nThe principal Law is amended in section 22(1)(a) by deleting the words \u201cor Part 12\nof the Limited Liability Companies Law (2018 Revision)\u201d and substituting the words\n\nBanks and Trust Companies (Amendment) Bill, 2019\nClause 6\n\nc\nIntroduced\nPage 9\n\n\u201c, Part 12 of the Limited Liability Companies Law (2018 Revision) or Part 8 of the Limited\nLiability Partnership Law, 2017\u201d.\n\nPassed by the Legislative Assembly the       day of                           , 2019.\n\nSpeaker\n\nClerk of the Legislative Assembly","akn_extracted_at":"2026-06-22 15:42:09.053931+00","cms_id":"2019-0011","law_type":"bill","year":"2019","number":"11","title":"Public Holidays Order, 2019","status":"bill"},"provenance":{"files":[{"file_id":"6981","expr_id":"2182","kind":"akn_xml","filename":"2019-0011.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2019\/2019-0011\/2019-0011.akn.xml","content_md5":"84c5878bce6d8c73ce9d8c8ffe55310d","byte_size":"9472","http_last_modified":null,"fetched_at":"2026-06-22 15:42:09.147876+00"},{"file_id":"4363","expr_id":"2182","kind":"pristine_pdf","filename":"2019-0011.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2019\/2019-0011\/2019-0011.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2019\/2019-0011\/2019-0011.pdf","content_md5":"bd2b143c9b233441daf4481e96a167cd","byte_size":"674083","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.273761+00"},{"file_id":"4364","expr_id":"2182","kind":"working_pdf","filename":"2019-0011.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2019\/2019-0011\/2019-0011.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2019\/2019-0011\/2019-0011.pdf","content_md5":"bd2b143c9b233441daf4481e96a167cd","byte_size":"674083","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.273761+00"}],"paragraph_count":19,"latest_history":null},"quality":{"expr_id":"2182","doc_id":"2182","quality_state":"known_issue","quality_score":"51","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_title_metadata}","finding_severity_counts":"{\"high\": 1, \"medium\": 2}","finding_summary":"stored title is not visible in the opening extracted text; repeated line furniture detected: cayman islands x3; banks and trust companies x3; amendment bill 2019 x3","assessed_at":"2026-06-22 15:29:46.622099+00","updated_at":"2026-06-22 15:29:46.622099+00"}}