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.

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What happened?

The Markets in Financial Instruments Directive, more commonly known as MiFID II, was introduced in January and brought widespread changes for the finance industry. The new laws require fund managers to pay directly and explicitly for research, instead of receiving it free of charge from brokers and investment banks, except in the case that the firm can prove that the research passes the quality enhancement test.

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Robust investment due diligence procedures are no longer best practice. They’re a regulatory requirement under MiFID II which was due to roll out this month and is still scheduled to come into force in the next few months. With this in mind, it is worth revisiting your own investment due diligence procedures and being aware of what different regulators are looking for.

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Due diligence training?

Customer In-House Training Solutions