ARTICLE · 09 MAY 2024

Cayman Islands Update: AML Amendment Regulations 2024

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The Cayman Islands Anti-Money Laundering Regulations (the "AMLRs") were amended on 19 April 2024 when the Anti-Money Laundering (Amendment) Regulations, 2024 came into force.

Cayman IslandsGovernment, Public Sector

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The Cayman Islands Anti-Money Laundering Regulations (the "AMLRs") were amended on 19 April 2024 when the Anti-Money Laundering (Amendment) Regulations, 2024 came into force.

Tidy-Ups

The bulk of the changes were to make it clear that compliance requirements apply not only in the context of anti-money laundering ("AML"), but also in application of counter-terrorist and proliferation financing measures.

Although the customer due diligence threshold for one-off transactions had previously been reduced to CI$10,000 (in line with international standards) certain obsolete references to the historic threshold of CI$15,000 were corrected.

Furthermore, provisions were clarified in relation to the information requirements for batch files of virtual assets.

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Cayman Islands Update: AML Amendment Regulations 2024

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