Based on our experience working with clients on new Anti-money
Laundering Regulations (AMLRs),
Steffany Pratcher, Vice President AML Reporting and Compliance,
and
Laura da Ascenção, Vice President, provide their
top tips to staying compliant and their pitfalls to avoid if your
Cayman Islands entity is in scope for AMLRs.
DO DETERMINE WHETHER YOUR ENTITY IS IN-SCOPE
In short, AMLRs require financial services providers (FSPs)
engaging in relevant financial business to establish systems to
detect things like money laundering and terrorist financing.
Determine whether you're conducting relevant business by
reviewing activities listed under Schedule 6 of the Proceeds of
Crime Law.
