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Cayman Regulator Launches Online Fee Portal

by Mike Godfrey, Lowtax.net, Washington
17 April, 2017

Cayman firms will soon be able to pay fees online, following the addition of a payment section to the Regulatory Enhanced Electronic Forms Submission (REEFS) system.

The changes to the REEFS system, which is administered by the territory's financial services regulator, the Cayman Islands Monetary Authority, will be implemented in two phases.

Phase one is currently underway and allows regulated firms to view all applicable fees due or overdue, including historic payments. Another feature allows users to track relevant fees, and sort by groups such as fee category, due date, and covered entity.

Phase two, which is expected to be finalized during the third quarter of 2017, will allow authorized users to make online payments.

Commenting on the new functionality of REEFS, the Authority's Managing Director, Cindy Scotland, said: "As each stage of the online fee payment system continues to unfold, this will provide more efficiency for the Authority, while providing a convenient service for our licensees and stakeholders."

Scotland added: "Although there is still work to be done before its final stages, I trust that this new service will allow the Cayman Islands to maintain its position as a leading jurisdiction within the global financial services industry."

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