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The Cayman Islands Monetary Authority (CIMA) plays a central role in the fight against money laundering and terrorism financing.
Its main functions include:
The Anti-Money Laundering Steering Group is the governing body responsible for the general oversight of AML/CFT policies in the Cayman Islands. It is also responsible for the general administration of the FRA. This involves the promotion of effective collaboration between regulators and law enforcement agencies, and monitoring the interaction and co-operation with overseas financial intelligence units
There are other national stakeholders that contribute to the development of the AML/CFT strategy and policy. The primary ones are:
The Anti-Money Laundering Regulations (AMLRs) require all persons engaged in relevant financial businesses, as defined in the Proceeds of Crime Law, to have systems, policies and procedures that comply with a solid AML/CFT/CPF framework in their organisation.
Systems, policies and procedures should include:
Designation of a Compliance Officer who should ensure that measures set out in the regulations are adopted
Customer due diligence
Recordkeeping procedures
Implementing a risk-based approach
Ongoing monitoring
Complying with lists of targeted financial sanctions
Internal reporting of suspicious activities
Staff screening
Staff training
Internal controls
The CIMA has developed a Guidance Note on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation Financing in the Cayman Islands. The document is designed to guide all people conducting relevant financial business in complying with the AML Regulations. The notes are intended to clarify the requirements of the AML Regulations and the Proceeds of Crime Law.
The Proceeds of Crime Law (POCL) details the following reporting obligations:
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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.
