CAYMAN ISLANDS AML 2020:
BDO KNOWS REGULATORY COMPLIANCE
23 July 2020
By: Richard Carty
In recent years, the Cayman Islands has significantly expanded its anti-money laundering legislative framework. The Money Laundering Regulations (2018 Revision) have recently been replaced by The Anti-Money Laundering Regulations, 2020 (“AML Regulations”) on 9 January 2020. The AML Regulations provide enhancements to the existing anti-money laundering and counter-terrorist financing (“AML/CTF”) framework, which reflects international standards, which is reflected in the Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands (“the Guidance Notes”, 5 June 2020). The AML Regulations applies to “relevant financial businesses,” meaning that both regulated and unregulated investment entities, insurance entities, and finance vehicles will now be subject to the AML Regulations and the mandatory procedure obligations. The AML Regulations is closely aligned with the Financial Action Task Force (“FATF”) recommendations, which reflects a risk-based approach.
By clicking the ‘download full article wording’ the reader in then given the option to download the PDF (see attached).