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AML/CTF Legislation in Cayman Islands
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AML/CFT Legislation in Cayman Islands  ​

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AML/CFT Supervisors in Cayman Islands​

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(CIMA) - The Cayman Islands Monetary Authority

The Cayman Islands Monetary Authority (CIMA) plays a central role in the fight against money laundering and terrorism financing.

Its main functions include:

  • Monitor compliance with anti-money laundering regulations
  • Regulate and supervise financial services
  • Issuance of a regulatory handbook on policies and procedures
  • Issuance of rules and statements of principles and  guidelines

(AMLSG) - The Anti-Money Laundering Steering Group

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:

  • (IACC) The Inter-Agency Coordination Committee, which  oversees the implementation of AMLSG policies. This includes inter-agency cooperation and coordination with respect to anti money laundering, counter terrorism financing and counter proliferation financing as well as coordinating the assessment of national money laundering and terrorism financing risks.
  • AMLU - The Anti-Money Laundering Unit: an entity that functions as the secretariat for the AMLSG and chairs the IACC.

    The main functions of the AMLU are to:
    - Coordinate the AML/CFT National Risk Assessment

    - Systemise and prepare for CFATF assessments and follow up actions

    - Amend existing legislation and implement new AML/CFT/CFP legislation

    - Function as a central agency for collecting and compiling AML/CFT/CFP data
  • (MFSHA) - The Ministry of Financial Services and Home Affairs is responsible for legislation and policy development pertaining to the financial services industry and commitment with international tax, transparency, and regulatory initiatives.

How to comply with AML/CFT regulations in Cayman Islands​

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.

What are my AML/CTF reporting obligations​ ?

The Proceeds of Crime Law (POCL) details the following reporting obligations:

  • Any person who knows or has reasonable grounds to suspect that another person is engaged in criminal conduct within the course of a business in a regulated sector or other trade, profession, business or employment (under Section 136 of the POCL), must submit the appropriate report to the FRA as soon as possible.
  • Any nominated officer who knows or has reasonable grounds to suspect that another person is engaged in criminal conduct within the course of a business in a regulated sector or in consequence of a disclosure made under section 136 (under Section 137 of the POCL), must submit the appropriate report to the FRA as soon as possible.
  • Detailing and reporting Suspicious Activity with the FRA, can act as a guard to the different offences under the AML/CFT enactment.

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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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.

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