All Cayman domiciled funds must appoint individuals to act as Anti-Money Laundering Compliance Officer (AMLCO), Money Laundering Reporting Officer (MLRO) and Deputy Money Laundering Reporting Officer (DMLRO).
What does this mean for you?
If you have a Cayman fund, whether regulated or unregulated, you will need to appoint individuals to act in the following roles:
Our locally based and highly experienced Cayman team deliver robust AMLCO, DMLRO and MLRO solutions to support you with AML requirements. We will appoint the necessary person to satisfy the Cayman AML Officer requirements, including the roles of AMLCO, MLRO and DMLRO.
AML Officer duties include:
- Appointment of the necessary persons to satisfy the Cayman AML Officer requirements, including the roles of AMLCO, MLRO and DMLRO.
- Monitoring by the AMLCO of a fund’s activities with respect to AML issues, as well as maintaining logs that include declined businesses, PEPs, and requests from competent authorities.
- Conducting regular audits and reports in addition to advising the Board of Directors on Anti-Money Laundering and Countering the Financing of Terrorism policies and procedures for adherence with the AML regulations by the AMLCO.
- The AMLCO acting as the main point of contact with the relevant competent authorities.
- Investigation by the MLRO / DMLRO of any suspicious activities, with respect to both investors and investment activity of the fund, to determine whether disclosure in accordance with the AML regulations is appropriate.
- Drafting and filing by the MLRO / DMLRO of Suspicious Activity Reports (“SAR”) with the FRA, and maintains confidential logs of all SAR reporting in accordance with the fund’s vigilance systems by the the MLRO / DMLRO.
Private Limited Liability Companies, Foundations and Private Partnerships must provide Ultimative Beneficial Ownership (“UBO”) information to the Chamber of Commerce; non-compliance by entities or UBOs with respect to UBO obligations could lead to administrative or even criminal sanctions so it is important to get it right.
We support our clients in meeting UBO requirements in Luxembourg, Ireland and the Netherlands.
- Set up and registration of Beneficial Ownership (“BO”).
- On-going monitoring.
- Update and registration of any changes of Beneficial Ownership.
Hyper-growth businesses often reach a point where additional expert support is required to scale their financial requirements. Both start-ups and mature firms experiencing fast growth need to focus on ensuring they have robust financial oversight and a clear strategy in place to support a sustainable future.
Our CFO service is tailored to each client’s requirements and our financial experts integrates seamlessly with your team to support your growth, using your own established in-house systems, enabling you to benefit from economies of scale through leveraging our own platforms.
- Design and maintenance of finance policies and procedures.
- Development of complex financial models to evaluate measure drivers impacting various business areas to inform decision making.
- Tax filings and audits.
- Ensuring accuracy of cash flow forecasting, including monitoring assets and investments.
- Oversight of key management functions including payroll, compensation, general accounting etc.
- Leading budgeting process and acting as strategic advisor.