Revised AML Guidance Notes On E-KYC And Remote CDD / Ongoing Monitoring

On 30 August 2023, revised Guidance Notes on the Prevention and Detection of Money Laundering ("ML"), Terrorist Financing ("TF"), and Proliferation Financing in the Cayman Islands (August 2023) (the "Revised GNs") were published in the Cayman Islands Gazette.

The Revised GNs have been consolidated with Guidance Notes (Amendment) (No. 1) – Virtual Asset Service Providers (February 2021) and Guidance Notes (Amendment) (No. 2) – Securitisation (May 2021).

Importantly, the Revised GNs incorporate changes to facilitate the use of e-KYC and Remote Customer Due Diligence ("CDD") / Ongoing Monitoring. The amendments support FATF-issued guidance on digital identification and provide for remote onboarding of clients and the use of e-KYC and digital ID technologies on an ongoing basis, where appropriate based on the risk assessment of clients.