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ARTICLE · 19 APRIL 2018

Update On Cayman Islands AML/CFT

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The Cayman Islands Monetary Authority ("CIMA") has provided helpful clarification in relation to its recent statement that natural persons should be designated as AMLCO, MLRO and deputy MLRO.

Cayman IslandsWealth Management
Lucy Frew
Lucy Frew
Sandra Edun-Watler
Sandra Edun-Watler
Andrew Howarth
Andrew Howarth
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 The Cayman Islands Monetary Authority ("CIMA") has provided helpful clarification in relation to its recent statement that natural persons should be designated as anti-money laundering compliance officer ("AMLCO"), money laundering reporting officer ("MLRO") and deputy MLRO (together, the "AML Officers"). This advisory provides a summary of the key points only and we would be happy to advise in further detail if required.

Designation of Natural Persons as AML Officers

CIMA has confirmed natural persons must be designated as AML Officers by 30 September 2018 (in the case of existing funds) and by 1 June 2018 (in the case of new funds). Regulated funds should submit the names of their AML Officers to CIMA using REEFS by the applicable date.

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