CIMA Releases FAQ On The Recent Changes To AML Regulations

NOTICE

RE: Anti-Money Laundering Regulations ("AMLRs")/Guidance Notes¹ ("GN") - Frequently Asked Questions: Funds

The Cayman Islands Monetary Authority (the "Authority") outlines below, for your reference, its response to frequently asked questions relating to the AMLRs/GN in relation to funds:

1. Do all Cayman-domiciled funds (regulated and unregulated) need to appoint an Anti-Money Laundering Compliance Officer ("AMLCO"), Money Laundering Reporting Officer ("MLRO") and Deputy Money Laundering Reporting Officer ("DMLRO") to their entities?

Answer: Yes. Pursuant to regulations 3(1) and 33 of the AMLRs, a fund, (regulated or unregulated), which conducts relevant financial business as per Schedule 6 of the Proceeds of Crime Law (2018 Revision) and is doing business in or from within the Cayman Islands, must designate a natural person, at managerial level, to act as its AMLCO, MLRO and DMLRO.