We are pleased to note that the second quarter of 2021 has been relatively quiet on the regulatory front in the Cayman Islands.


On 10 January 2022, the Secretary General of the European Commission proposed in a draft Delegated Regulation (Proposed Directive) that the Cayman Islands, along with several other countries, be added to the European Unions (EU) annexure of high risk third countries with strategic deficiencies in its anti-money laundering and counter terrorist financing regime (the 6 Cayman Islands. 2. It was updated in November 2017. Cayman Regulatory Update - Q1 2021.

a regulatory law or the anti-money laundering regulations. In its February 2021 update, FATF commented that the Cayman Islands government had made a high-level political commitment to work with the FATF and CFATF to strengthen the effectiveness of its anti-money laundering (AML) regime. 3 The action plan focuses on applying effective, proportionate and dissuasive sanctions as well as enforcing

Cayman Islands Sanctions Update Post-Brexit. The Savings and Transitional Regulations provide that: (a) a VASP who: (i) was carrying on virtual asset service immediately before 31 October 2020; and. The Financial Crime Investigation Unit (FCIU) is a specialist unit dedicated to investigating criminal offences related to money laundering, the financing of terrorism and fraud.

Recent amendments to the Cayman Islands Proceeds of Crime Law (2018 Revision) (" POCL") and the Cayman Islands Anti-Money Laundering Regulations (2018 Revision) (" AML Regulations "), have expanded the scope of the existing Cayman Islands' anti-money laundering (" AML ") and counter terrorist financing (" CFT ") regime. SPVs themselves are considered to be carrying on relevant financial business under the Proceeds of Crime Act (POCA) as amended, and as such are required to comply with the Anti-Money Laundering Regulations (AMLRs) as amended and the General AML/CFT/CPF Guidance provided in Part II of the Guidance Notes on the Prevention and Detection of Money The POCL, AML Regulations and Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands issued on 13 December 2017 (the Guidance Notes ), together comprise the suite of legislation and guidance which makes up the Cayman Islands anti-money laundering regime (the " Cayman AML Regime "). Michael Klein. Ugland House, home of Maples in Grand Cayman. Please see our guide on Cayman's beneficial At their October 2021 plenary, the FATF positively recognised the ongoing efforts of the Cayman Islands to improve its AML/CFT regime. Cayman Islands Mandatory AML Training Requirements 2020.

Home; Grand Cayman, Cayman Islands. anti-money laundering measures in the cayman islands conyers.com | 3 table of contents 1. introduction 4 2. the proceeds of crime law 4 3. the anti-money laundering regulations (2020 revision) 7 4. the guidance notes on the prevention and detection of money laundering and terrorist financing in the cayman islands 12 5. anti-corruption law 13 6. May 14, 2021.

2. Box 2496, KY1-1104. (CNS): One of Caymans largest financial services and legal firms has filed an application for judicial review challenging how the Cayman Islands Monetary Authority (CIMA) is interpreting and applying certain provisions of the new Anti-Money Laundering Regulations that were implemented last year.

These Regulations may be cited as the Anti-Money Laundering Regulations (2020 Revision). Nov 25, 2020. The Anti-Money Laundering Regulations (2020) ("AMLRs") set out the anti-money laundering ("AML") and countering of terrorist financing ("CFT") compliance obligations for Cayman Islands entities carrying on 'relevant financial business'. 5th Floor, Government Administration Building PO Box 136 | 133 Elgin Avenue George Town, Grand Cayman KY1-9000 CAYMAN ISLANDS. It followed from the second of these points that Cayman was highly likely to appear on the EUs AML blacklist in due course. AMLRs Anti-Money Laundering Regulations AMLSG Anti-Money Laundering Steering Group AMLU Anti-Money Laundering Unit BEC Business Email Compromise BO Beneficial Ownership CARA Cayman Attorneys Regulation Authority Third, the NRA 2021 seeks to update the Cayman Islands national risk understanding in . Cayman Islands Funds and Regulatory Update: Q2 2021. The priorities fall into six strategic themes, covering regulatory and legislative, as well as operational, aspects. The FCIU works with the Office of the Director of Public Prosecutions to pursue convictions in complex cases. In November 2020, CIMA issued a $100,000 fine against Cainvest Bank and Trust for breaches of the Anti-Money Laundering Regulations. Thursday 27 September 2018. AML/CFT regime Last reviewed: April 2021 Contents 1 Key legislation 2 2 Outline of the offences 2 Anti-Money Laundering Regulations (2020 Revision) (as amended, the AML Regulations); Cayman Islands, any funds or resources or is otherwise dealing Cayman has been added to the FATFs grey list because of the failure by the authorities here to enforce the anti-money laundering and beneficial ownership regime and to penalize breaches. TEL +1 2 NRA, 2015 p.16.

CFATF/FATF. BVI | CAYMAN ISLANDS | GUERNSEY | HONG KONG | JERSEY | LONDON mourant.com 2021934/78669861/3 GUIDE The Cayman Islands Anti-Money Laundering Regulations (2020 Revision); Banks and Trust Companies Act (2021 Revision); (2021 Revision). As the year progresses we are approaching a number of key deadlines for investment funds and this briefing serves as a useful reference guide for The first quarter of 2021 saw a continuing refinement of the various laws and regulations which were enacted in the Cayman Islands during 2020 via anticipated supplements and guidance, a trend which we noted in our previous quarterly briefing.This update details these changes and includes additional information on more general regulatory matters of interest to 45/2020 on the 28th of May 2021 as required by section 34(5) of the Monetary Authority Act) Previous Versions of the Guidance Notes (ii) is not an existing licensee. 1 Results of the 2015 Cayman Islands National Risk Assessment relating to Money Laundering, Terrorism Financing and Proliferation Financing. The Cayman Islands is a leading international financial centre with a robust anti-money laundering regulatory structure. For Cayman Islands CLO issuers, the key issue arising from that amendment is the change to Article 4 of the Securitisation Regulation, which now prevents the use of SPVs from countries on the EU It is therefore imperative that regulated entities are proactive in preventing and The Cayman Islands' anti-money laundering legislation has been carefully crafted and diligently upgraded to ensure that the jurisdiction remains in compliance with the highest of international standards. If you have legal expertise issues including criminal enforcement, regulatory and administrative enforcement and requirements for financial institutions and other designated businesses. February 25, 2021. 4 Anti -money laundering and counter terrorist financing measures. The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in The Cayman Islands was undertaken in 2021. FATF President Markus Pleyer speaking online at a press conference on Thursday. The Anti-Money Laundering Regulations (AMLRs) impose certain obligations on all persons engaged in relevant financial businesses, as defined by. Report Anonymously . Tuesday 18 May 2021.

As industry is aware, the Hon. The Cayman Islands Anti-Money Laundering and Counter Terrorist Financing Strategy 2019 2022 outlines the countrys AML/ CFT/CPF strategic priorities over the medium term. On 7 June 2021, CIMA published a notice (available here), reminding all persons carrying on a relevant financial business to ensure that their appointed anti-money laundering compliance officers, MLRO and Deputy MLRO (collectively, AML Officers) are aware of their respective duties and responsibilities contained in the Anti-Money Laundering Regulations. Citation 1. T: +1 345 946-0022 E: amlu@gov.ky

Cayman removed from the EU list of non-cooperative jurisdictions for tax purposes. 2), May 2021 - Securitization View (Notice of the issuance of this guidance was published in the Cayman Islands Extraordinary Gazette No.

All attorney-at-law firms (including sole practitioners) conducting relevant financial business ( RFB ), as defined in Schedule 6 of the Proceeds of Crime Law (2020 Revision) ( POCL) of the Cayman Islands, must complete an AML Return on an annual basis and submit it to CARA by the deadline stated. Anti-Money Laundering Regulations (2020 Revision) Regulation 1 c Revised as at 31st December, 2019 Page 9 CAYMAN ISLANDS Proceeds of Crime Law (2020 Revision) ANTI-MONEY LAUNDERING REGULATIONS (2020 Revision) PART I - Introductory 1. On 6 October 2020, the Cayman Islands was removed from its brief inclusion on the EU's list of non-cooperative At its February 2021 plenary, FATF concluded that Cayman had satisfied 60 of the 63 recommendations in the 2019 report and should be placed on the FATF Ongoing Monitoring (or Grey) List.

On 12 January 2022, the Ministry of Financial Services & Commerce of the Cayman Islands Government issued an Industry Advisory acknowledging the release of the Draft Regulation. Anti-Money Laundering Unit.

28 January 2021. by Sara Galletly , Catherine Pham , Hector Robinson , Nicholas Fox and Danielle Roman. All Cayman Islands persons or entities are subject to applicable Cayman Islands sanctions legislation.

The Anti-Money Laundering Regulations, 2017 (AML Regulations) came into force on 2 October 2017. 3 Collectively referred to in this report as AML.

The key components of the Cayman Islands' anti-money laundering (AML) and countering the financing of Tel: +1-345-945-6267 Fax: +1-345-945-6268. Mutual Evaluation Report. Anti money Laundering, Counterfeit Currency and Financial On 26 February 2021, Mourant held its annual Regulatory Seminar at the Ritz Carlton, Grand Cayman. Guidance Notes Amendment (No. 12 October 2017. Are you a leading legal expert in Cayman Islands practicing in Anti Money Laundering? The four key financial services regulatory initiatives that are expected to continue or commence in 2021 broadly relate to tax transparency, and AML/CFT/CFP (anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation).

1. Publication - 13/07/2021. AML Officers. 05 Jan 2021. EMAIL info@cara.ky. The FATF acknowledged that the Cayman Islands has applied and shall sustain "sanctions that are effective, proportionate and dissuasive, including administrative penalties and other enforcement actions against obliged entities to Grand Cayman. The seminar included a presentation from the Cayman Islands Monetary Authority (CIMA) and a fireside chat with the Department for International Tax Cooperation (DITC), followed by an AML/CFT training session for the directors amongst the attendees. Attorney Generals Chambers. Anti-Money Laundering Return 2021 Return) in accordance with the requirement under the Anti-Money Laundering Regulations (2020 Revision) Cayman Islands, you should answer the questions to the extent they pertain to the Cayman Islands legal entity. As the end of 2021 approaches, Cayman Islands private funds and mutual funds planning to undergo a voluntary liquidation should commence the liquidation process if they wish to avoid incurring liability for annual government and registration fees due in January 2022. Mourant. P.O. CAYMAN ISLANDS EU AML LIST On 9 April 2021, an amendment to the EU Securitisation Regulation came into effect. According to that Evaluation, The Cayman Islands was deemed Compliant for 22 and Largely Compliant for 18 of the FATF 40 Recommendations. Recent amendments to the Cayman Islands Proceeds of Crime Law (2018 Revision) ("POCL") and the Cayman Islands Anti-Money Laundering Regulations (2018 Revision) ("AML Regulations"), have expanded the scope of the existing Cayman Islands' anti-money laundering ("AML") and counter terrorist financing ("CFT") The Cayman Island Monetary Authority has imposed discretionary fines of $4.23 million on corporate services provider Intertrust for breaches of The Cayman Islands Monetary Authority (CIMA) has recently imposed administrative fines amounting to millions of Cayman dollars on those regulated entities who have failed to comply with the Anti-Money Laundering Regulations (as revised) (the AML Regime).