Cayman AML Regulation


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This week the much anticipated Cayman AML Regulation was updated as CIMA issued a notice regarding the deadlines for compliance.

How does this impact you?

Regulated Funds

Funds that are registered with or licensed by CIMA are still required to appoint the relevant AML Officers by 30 September, 2018.

Notification of these appointments to CIMA must be completed by 31 December, 2018.

Unregulated Funds

Unregulated funds not licensed by CIMA are required to appoint the AML Officers by 31 December, 2018 but currently have no requirement to notify CIMA.

For a reminder of the details on the requirements visit our previous Blog: The time to act is now: Cayman AML Regulation

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The following extract is taken from the CIMA website:

The Role of  CIMA and the Cayman Islands

As a leading and competitive international financial centre, the Cayman Islands has established its regulatory framework based on relevant international standards of supervision and co-operation with both local and overseas regulatory authorities.

The Cayman Islands Monetary Authority plays a central role in the fight against money laundering and terrorism financing. Section 6(1)(b)(ii) of the Monetary Authority Law gives the Authority legal responsibility, as part of its regulatory function, “to monitor compliance with the money laundering regulations.” These regulations prescribe measures to be taken to prevent the use of the financial system for the purposes of money laundering and terrorist financing. In addition to the Anti-Money Laundering Regulations, the regulatory framework against financial crime in the Cayman Islands includes the Proceeds of Crime Law, the Terrorism Law and the Proliferation Financing (Prohibition) Law.

The Cayman Islands has implemented the Financial Action Task Force’s (FATF) 40 Recommendations on the Prevention of Money Laundering and the Countering of Terrorist Financing, which are international standards for effective anti-money laundering and counter terrorist financing regimes. In 2007, the Cayman Islands were assessed against FATF’s 40 Recommendations. The mutual evaluation report can be found here .

The Cayman Islands are a member of the Caribbean Financial Action Task Force (CFATF) and observe the CFATF’s 1992 Kingston Declaration on money laundering. This declaration endorsed the implementation of the 1988 United Nations Vienna Convention Treaty on the trafficking of narcotics, the Organisation of American States Model Regulation for anti-money laundering and anti-narcotics, and the 40 FATF Recommendations.

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