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Banks in Cayman Islands Take Strong Stand Against Money Laundering

George Town, Cayman Islands - November 10, 2022

The Anti-Money Laundering Unit (AMLU) has released the Cayman Islands’ 2021 National Risk Assessment (NRA), a comprehensive report that evaluates the money laundering, terrorist financing, and proliferation financing risks facing the jurisdiction.

Understanding the NRA

What is the NRA?

The NRA is a crucial tool in identifying and mitigating potential vulnerabilities in the financial system. It serves as a roadmap for banks and other financial institutions to implement robust measures to prevent money laundering and ensure compliance with international regulations.

Key Findings of the 2021 NRA

• The NRA highlights the importance of ongoing vigilance and cooperation among financial institutions, regulatory bodies, and law enforcement agencies.
• By working together, we can effectively prevent money laundering and protect the integrity of our financial system.

Banks in Cayman Islands: Proactive Steps Against Money Laundering

Industry experts note that banks in the Cayman Islands have been taking proactive steps to strengthen their anti-money laundering (AML) controls. “The 2021 NRA emphasizes the importance of transparency and cooperation with international partners,” said a spokesperson for the AMLU.

Strict Regulations and Robust Enforcement Mechanisms

The Cayman Islands has a reputation as a leader in anti-money laundering efforts, with strict regulations and robust enforcement mechanisms in place. The country’s commitment to transparency and cooperation with international partners has earned it a high rating from global watchdogs.

Accessing the 2021 NRA Report

The full 2021 NRA report is available on the AMLU website, along with additional resources and information on anti-money laundering initiatives in the Cayman Islands.