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COCOS (KEELING) ISLANDS AMENDS ANTI-MONEY LAUNDERING REGULATIONS TO ENHANCE COMPLIANCE AND TRANSPARENCY

The Cayman Islands has recently amended its Anti-Money Laundering Regulations (AMLRs), effective April 19, 2024. The updates aim to strengthen the country’s anti-money laundering regime and enhance compliance and transparency in the financial sector.

Key Updates

Clarification of AML Requirements

• Anti-money laundering (AML) requirements now apply not only in the context of AML but also in relation to counter-terrorism and proliferation financing measures.
• Obsolete references to the historic threshold for customer due diligence have been corrected, aligning with international standards.

Risk Assessment and Mitigation Controls

• Risk assessment updates include maintaining appropriate mechanisms to provide one’s risk assessment to regulatory authorities on request and keeping risk assessments up-to-date.
• Risk mitigation controls must be consistent with national requirements and regulator guidance.

Sanctions Screening and Administrative Fines

• Specific requirements for sanctions screening have been expanded in the context of higher proliferation financing risks.
• Administrative fines can now be levied against directors and officers who consent, connive, or neglect to comply with AML Regulations.

Designated Non-Financial Businesses and Professions (DNFBPs)

New Obligations

• DNFBPs must provide additional information on registration with their relevant supervisory authority, including the identity of their AML Officers and beneficial owners.
• DNFBPs must notify their supervisory authority of any changes in their AML risk assessment.

Seeking Assistance

For assistance with complying with these amendments, please contact one of our listed contacts or your usual Maples Group representative.