In 2017 the Cayman Islands introduced a drastically overhauled set of legislation for anti-money laundering and counter terrorist financing. Amongst the sweeping changes and tightening up of the requirements outlined by regulators CIMA was a new requirement for customer due diligence.

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Are you about to be appointed AMLCO or MLRO and want to know what is expected of you? Or perhaps you’re a due diligence professional who wants to understand what to look for when investigating the AML compliance of a potential fund. This article outlines the responsibilities of the Anti-Money Laundering Compliance Officer and the Money Laundering Reporting Officer and will take a look at some of the areas that are open to interpretation.

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With new anti-money laundering regulations coming into effect in the Cayman Islands last year, we thought it worth taking a look at what has changed and what is now required as the deadline for compliance has just passed.

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