Appointing an Anti-Money Laundering Compliance Officer (AMLCO)
and Money Laundering Reporting Officer (MLRO)/Deputy Money
Laundering Reporting Officer (DMLRO) is essential for remaining
compliant with the ever-updating Cayman Islands Anti-Money
Laundering Regulations (AMLRs). However, not all AMLCO/MLROs are
created equally. When selecting the right fit for your entity there
are some basic, but often overlooked, things you should
consider.
Think about your board
Ask this simple question with your board in mind: does this
officer have the requisite skills and qualifications to make sound
recommendations that the board will act upon with confidence? What
qualifications and experiences set them apart? A board will expect
AMLCOs to have Know Your Client (KYC), Anti-Money Laundering (AML)
and regulatory compliance experience. Additional compliance
certifications, such as a certification from the Association of
Certified Anti-Money Laundering Specialists, are helpful
