Cayman Islands Entities Must Comply with Stricter Anti-Money Laundering Regulations, Experts Warn
As of December 2017, a significant overhaul of the Cayman Islands’ Anti-Money Laundering Regulations has come into effect, imposing stricter obligations on entities operating in the region. AssistanceAML Cayman Ltd., a leading provider of anti-money laundering services and training, is urging Cayman Islands-based businesses to take immediate action to ensure compliance with the updated regulations.
New Guidelines: A More Rigorous Approach
The new guidelines, outlined in the Cayman Islands Anti-Money Laundering Regulations, 2017, have introduced a more rigorous approach to combating money laundering and terrorist financing. Gone are the days when hedge funds could simply delegate anti-money laundering functions to an administrator in an equivalent jurisdiction; now, all entities must take responsibility for ensuring their own compliance.
Key Changes
- Entities can no longer delegate anti-money laundering functions to administrators in other jurisdictions.
- A more rigorous approach to combating money laundering and terrorist financing has been introduced.
- All entities operating in the Cayman Islands are required to ensure their own compliance with anti-money laundering regulations.
Importance of Compliance
The Cayman Islands Anti-Money Laundering Regulations, 2017 serve as the primary source of guidance for local businesses looking to comply with anti-money laundering and anti-terrorism financing laws. AssistanceAML Cayman Ltd. is well-equipped to assist with these ongoing obligations, providing expert services and training to ensure seamless compliance.
Consequences of Non-Compliance
With the deadline having passed, entities operating in the Cayman Islands are at risk of falling foul of the law if they fail to adapt to the new regulations. AssistanceAML Cayman Ltd. urges all affected businesses to seek professional guidance to avoid potential penalties and reputational damage.
Take Action Today
If your business operates in the Cayman Islands, it’s crucial that you take immediate action to ensure compliance with the updated anti-money laundering regulations. AssistanceAML Cayman Ltd. is here to help. Contact us today to learn more about our expert services and training programs designed to support your business in meeting its ongoing obligations.
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