ARTICLE · 12 APRIL 2018

CIMA Reaffirms Its Position On AML/CFT Regulations

DMS Governance Ltd

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Further to our e-zine dated 9 February 2018, the CIMA has reaffirmed its position on AML/CFT requirements and, as previously communicated by DMS, has confirmed that natural persons must be appointed for the AMLCO...

Cayman IslandsGovernment, Public Sector

Samantha Fletcher-Watts

Tammy W. Seymour

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Further to our e-zine dated 9 February 2018, the Cayman Islands Monetary Authority ("CIMA") has reaffirmed its position on AML/CFT requirements and, as previously communicated by DMS, has confirmed that natural persons must be appointed for the AML Compliance Officer ("AMLCO"), Money Laundering Reporting Officer ("MLRO") and Deputy MLRO ("DMLRO") roles (each an "Appointee").

CIMA has confirmed that additional guidance will be issued confirming that the delegating party (in this case the fund) should ensure that:

Each Appointee have "adequate and appropriate knowledge and expertise" to fulfil their roles;
A documented risk assessment of the Appointee (including country risk) be conducted;

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