Share on LinkedInShare on LinkedIn

ARTICLE · 23 SEPTEMBER 2018

AML Officers' Appointment Deadline Fast Approaching

Appleby
Appleby
Contributor
Appleby

Appleby

Appleby is a leading offshore law firm. The team of legal specialists advise global public and...

View firm profile
Explore more from Appleby

AML Officers' Appointment Deadline Fast Approaching

BermudaGovernment, Public Sector
Appleby Global
Appleby Global
Author LinkedIn connections

Following the update to the anti-money laundering and countering of terrorist financing regime in the Cayman Islands in 2017 (see our May 2018 eAlert providing a summary of the key changes), this is a friendly reminder that Cayman Islands funds (open-ended and closed-ended) are required to designate a Money Laundering Reporting Officer, a Deputy Money Laundering Reporting Officer and an Anti-Money Laundering Compliance Officer by 30 September 2018.

With this deadline fast approaching, all Cayman Islands funds, if they have not done so already, should be taking all necessary steps to ensure compliance. If you need any assistance in this regard, feel free to get in touch with Sailaja Alla or your usual Appleby contact.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Read more about

See more popular content from

Article

Navigating BMA’s Proposed AI Guidance Note

The Bermuda Monetary Authority has released a consultation paper on artificial intelligence regulation in financial services, proposing a risk-based framework that extends existing regulatory requirements rather than creating new licensing regimes. Financial institutions now face critical decisions about how to classify AI use cases, implement governance controls, and prepare for heightened scrutiny of generative and agentic AI systems before the October 30 feedback deadline.
BermudaFinance and Banking
Appleby
Appleby
Article

AI In The Workplace: Emerging Legal Issues For Bermuda Employers

Artificial intelligence is rapidly transforming workplace decision-making, moving from administrative tasks to influencing recruitment, performance management, and termination decisions. As employers increasingly rely on AI systems to process information and make recommendations about employees, they face growing legal risks around discrimination, transparency, and accountability. Understanding how existing privacy laws like Bermuda's PIPA apply to AI-assisted employment decisions, and implementing proper h
BermudaEmployment and HR
Appleby
Appleby
Article

Capital Rich, Softening Rates, Big Opportunity: The Growth Dilemma

Senior executives from Bermuda's reinsurance market gathered in Monte Carlo to discuss the industry's current state and future challenges. While the market remains profitable with strong capital positions, participants debated whether underwriting discipline can be maintained amid softening rates and the pressure to deploy excess capital. The roundtable also explored emerging opportunities in complex risks like data centres, casualty ILS, and cyber insurance.
BermudaInsurance
Appleby
Appleby
Article

AI In Risk And Compliance: Mind The Expectation Gap

A Guernsey lawyer examines the rapid adoption of AI in legal compliance and risk management, exploring both the transformative potential and critical challenges of automated systems in customer due diligence, regulatory oversight, and professional judgment. Drawing on recent court cases and industry studies, the analysis questions whether current regulatory frameworks can keep pace with AI's evolution in the financial services sector.
JerseyTechnology
Appleby
Appleby
Article

The Executor's Year In The Law Of The Cayman Islands

The executor's year in Cayman Islands succession law represents a critical juncture where beneficiary expectations meet administrative realities. Does this twelve-month period impose an absolute deadline for estate completion, or does it function as a flexible measure of reasonable diligence? This analysis examines the statutory provisions, common law foundations, and practical implications of sections 5 and 7 of the Succession Act to resolve fundamental questions about representative obligations and benefi
Cayman IslandsCorporate/Commercial Law
Appleby
Appleby
Article

Late-stage Liquidity And The Bermuda Fund Toolkit

Bermuda's private equity funds face mounting pressure as net asset values concentrate in fewer, larger portfolios while traditional exit routes remain constrained. With merger and acquisition markets uncertain and distribution droughts complicating fundraising, sponsors must navigate continuation vehicles and NAV financing as alternative liquidity solutions, each carrying distinct structural complexities and contractual implications under Bermuda's flexible partnership framework.
BermudaFinance and Banking
Appleby
Appleby
Article

BVI Court Prevents BVI Company From Redomiciling To Preserve Enforcement Against Its Shares

A BVI Court case examines whether a publicly traded company can be restrained from redomiciling to another jurisdiction when allegations of fraud and control by interested parties threaten to render enforcement of potential claims impossible. The proceedings reveal the complex interplay between corporate independence, jurisdictional authority, and the protection of alleged fraud victims in offshore litigation.
British Virgin IslandsLitigation, Mediation & Arbitration
Appleby
Appleby
Article

Comparative Analysis Of Cayman And BVI Companies As Listing Vehicles

Cayman Islands and BVI companies used as listing vehicles operate under a three-tier regulatory framework comprising company law, constitutional documents, and stock exchange listing rules. This analysis examines the critical differences between Cayman and BVI company law—particularly regarding share capital structure, amendment procedures, and directors' powers—and explores how these distinctions impact the efficiency of share consolidations needed to maintain Nasdaq listing requirements.
WorldwideCorporate/Commercial Law
Appleby
Appleby
Article

The Seychelles Financial Services Authority IBC Restrictions Reminder: Circular No. 5 Of 2026 And What It Signals For Seychelles IBCs

Seychelles' Financial Services Authority has issued Circular No. 5 of 2026, targeting International Business Companies operating in regulated financial sectors—particularly virtual asset services—without proper licensing. With the IBC Amendment Bill advancing through the National Assembly and a critical ESAAMLG evaluation approaching, the FSA is signaling that passive oversight has ended and formal enforcement against non-compliant entities is imminent.
SeychellesCorporate/Commercial Law
Appleby
Appleby
Article

Restructurings Frustrating Creditors And The Enforcement Of Arbitral Awards: The English Court's Decision In State Oil Company Of Azerbaijan V Mansimov Abstract

A High Court ruling examines the cross-border application of section 423 of the Insolvency Act 1986 in enforcing English arbitration awards, while establishing critical boundaries for the Marex tort in asset recovery disputes. The decision addresses whether offshore restructurings undertaken before arbitral awards can be challenged under English law when assets are allegedly moved to frustrate enforcement.
Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Appleby
Appleby