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.
In September 2017, the law changed in the Cayman Islands, requiring all financial bodies (including funds) to appoint an anti-money laundering compliance officer (AMLCO) and banks, funds and other financial bodies were given a year in which to seek out and appoint an appropriate person.
In this article, we provide a quick reference checklist to reassure you that you have made or received the correct appointment, or alternatively guide you to making a better selection in future.
