On 13th December, 2017, the Cayman Islands Monetary Authority
("CIMA") issued their updated Guidance Notes under the
new AML Regulations which came into effect on 2nd October,
2017.
Action required
These Guidance Notes clarified that all regulated funds are
required to appoint individuals who are suitably qualified and
experienced as AML Compliance Officer ("CO"), Money Laundering Reporting Officer
("MLRO") and as Deputy MLRO ("DMLRO") (the first two
appointments could be held by the same person). Immediate action on
the part of CIMA regulated funds ("Funds") is required to
address this requirement.
Why?
The Regulatory Framework for Anti-Money Laundering and
Countering the Financing of Terrorism in the Cayman Islands
(AML/CFT) is based on the 40 recommendations and guidance papers
issued by the Financial Action Task Force. Robust compliance
is essential in mitigating any Money Laundering/Financing of
Terrorism risks and other related threats to the integrity
