AML Officer Requirements In The Cayman Islands

AML in the Cayman Islands is complex and varies for each industry sector. Below is general guidance on AML Officer requirements. The Cayman Islands anti-money laundering regime includes the Proceeds of Crime Act (Revised), Terrorism Act (Revised), Proliferation Financing (Prohibition) Act (Revised), Anti-Money Laundering Regulations (Revised) and the Cayman Islands Monetary Authority's ("CIMA") Guidance Notes on the Prevention and Detection of Money Laundering ("ML"), Terrorist Financing ("TF") and Proliferation Financing ("PF") in the Cayman Islands, amongst others (the "Cayman AML Regime"). The Cayman AML Regime requires that Cayman Islands Financial Service Providers ("FSPs") appoint an AML Compliance Officer ("AMLCO"), Money Laundering Reporting Officer ("MLRO") and Deputy Money Laundering Reporting Officer ("DMLRO"), and each of those persons to comply with their specific roles and responsibilities.