How to Evaluate Your Risk

Senior Vice President at Walkers Compliance and Investment Funds Partner Dorothy Scott, discuss the recent amendments to the Cayman Islands' Proceeds of Crime Law and Anti-Money Laundering Regulations  in the Cayman Finance jurisdictional magazine, Cayman Islands: The Premier Global Financial Hub, Issue 5.

Over the course of the last year, amendments to the Cayman Islands’ Proceeds of Crime Law (2018 Revision) and Anti-Money Laundering Regulations (2018 Revision) have grabbed the attention of financial
services stakeholders and, once again, thrust regulatory compliance into the spotlight.

The amendments to the Cayman Islands’ anti-money laundering and countering the financing of terrorism (AML/CFT) regime have generally made explicit what was previously implicit, and were largely designed
to bring the letter of the Cayman Islands’ regime into line with the Financial Action Task Force (FATF) recommendations.

While much attention has been given to the extension of the application of the AML/CFT framework to all “relevant financial businesses”, and in particular to entities that conduct the business of “investing, administering or managing funds or money on behalf of other persons” or “investment related insurance” in or from the Cayman Islands, and to the requirement to appoint natural persons as anti-money laundering (AML) officers, the formal adoption of a risk-based approach in the primary legislation ensures that measures to prevent or mitigate money laundering and terrorist financing are proportionate with the risks that have been identified.

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This article was first published by Cayman Finance


CAYMAN ISLANDS
Dorothy ScottPartnerT +1 345 914 4202dorothy.scott@walkersglobal.com
Sandra Edun-WatlerSenior Vice PresidentT +1 345 914 4227sandra.edun-watler@walkersglobal.com