Certain data protection rights are protected by:
Privacy - there are well-established mechanisms for cooperation with law enforcement agencies, both locally and overseas, to assure the highest standards of probity throughout Cayman’s financial industry. Within this framework, protection of the legitimate interests of clients is safeguarded. The Registrar is able to release on enquiry only the name, type of company, the date of registration, the address of its registered office, and the status of the company. Except where assistance to law enforcement agencies to combat illicit activity is mandated or authorized, disclosure of information by government officials, professional agents, attorneys and accountants and their staffs is prohibited.
On 27 March 2017 the Data Protection Law, 2017 (Law) was passed by the Legislative Assembly of the Cayman Islands. The Law will be enacted in 2019.
The Law applies to any data controller (A person, firm or company who, alone or jointly with others, determines the purposes, conditions and manner in which any personal data is, or are to be, processed) in respect of personal data (a) that is established in the Cayman Islands and the personal data is processed in the context of that establishment; or (b) that is not established in the Cayman Islands but the personal data is processed in the Cayman Islands otherwise than for the purposes of transit of the data through the Cayman Islands. Under the Law, all data controllers are required to comply with the data protection principles that relate to the personal data that the data controller processes.
Privacy policies in Cayman Islands are connected with anti money-laundering and terrorist financing policies. In Cayman the prevention of money-laundering and terrorist financing is addressed by the Proceeds of Crime Law (Revised), as supported by the Money Laundering Regulations and the Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing.
The Money Laundering Regulations require those engaged in “relevant financial business” to comply with certain requirements, including to adopt client identification and verification procedures, record keeping procedures, internal reporting procedures and internal control procedures.
The definition of a relevant financial business includes various types of activities, including the following:
Given the breadth of these categories, it is probable that most ICO issuers, exchanges, and smart contracts platforms will be engaged in relevant financial business and required to adopt anti-money laundering (AML) procedures.
Compliance with AML may be required to secure transactions and engage representation by reputable third party service providers. The anonymous nature of cryptocurrencies may present administrative challenges when it comes to implementing the best-crafted AML policies. This conundrum must be addressed by ICO issuers, exchanges, and smart contract platforms at the outset as it represents one of the greatest areas of vulnerability for their businesses. Full texts of privacy & data protection Laws can be found below.
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