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ARTICLE · 22 SEPTEMBER 2023

CIMA Confirms E-KYC And Remote CDD For Cayman

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In a welcome move that supports Cayman's ambition to become a global technology hub, the Cayman Islands Monetary Authority (CIMA) has confirmed that regulated firms can use e-KYC...

Cayman IslandsTechnology
Menelik Miller
Menelik Miller
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In a welcome move that supports Cayman's ambition to become a global technology hub, the Cayman Islands Monetary Authority (CIMA) has confirmed that regulated firms can use e-KYC and remote digital due diligence to onboard customers and provide ongoing compliance monitoring.

The acknowledgement was included in CIMA's latest AML guidance and builds on an earlier advisory on the use of virtual identification issued by CIMA in 2020. Importantly, the move aligns Cayman with the FATF guidance on digital identification and further enhances Cayman's reputation as having a business-first approach to regulation.

RISK-BASED APPROACH

Before adopting e-KYC or remote onboarding, regulated entities are expected to take a risk-based approach to these technologies and put in place the following:

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