Financial Crime World

Here is the converted article in Markdown format:

AMENDMENTS TO THE ANTI-MONEY LAUNDERING REGULATIONS

The Cayman Islands Government has announced a series of amendments to the Anti-Money Laundering Regulations, aimed at strengthening the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) framework.

New Requirements for Financial Institutions and DNFBPs

From [insert date], financial institutions and designated non-financial businesses and professions (DNFBPs) will be required to submit certain information along with their batch files. Specifically, the following information must be submitted:

  • The name, account number, or unique identifier of each beneficiary that is traceable in the beneficiary country.

Additionally, DNFBPs will be required to maintain a register containing specific information, including:

  • The name and date of appointment of Anti-Money Laundering Compliance Officers and Money Laundering Reporting Officers.

New Notification Requirements for DNFBPs

The amendments introduce new requirements for DNFBPs to notify the Supervisory Authority of any changes in their assessment of risk or changes to previously submitted information. This includes:

  • Notifying the authority of any changes to the ownership and control structure of the DNFBP, including information on beneficial owners and connected persons.

Additional Information Requests

DNFBPs will be required to provide documents, statements, or other information as reasonably requested by the Supervisory Authority to determine if they are carrying out relevant financial business.

Repeal and Substitution of Regulations

The amendments also repeal and substitute certain regulations, including regulation 55B, which designates certain bodies as Supervisory Authorities for DNFBPs. The new regulation 55B lists the designated bodies, including:

  • The Department of Commerce and Investment
  • The Cayman Islands Institute of Professional Accountants
  • The Cayman Islands Legal Services Council

Enhancing AML/CFT Measures

The Anti-Money Laundering (Amendment) Regulations, 2024 aim to enhance the effectiveness of AML/CFT measures in the Cayman Islands and strengthen the country’s commitment to combating money laundering and terrorist financing.