Financial Crime World

Cayman Islands Banks Must Comply with Stricter Anti-Money Laundering Regulations

The Cayman Islands Monetary Authority (CIMA) has been enforcing stricter anti-money laundering (AML) regulations for banks in the island nation. To help financial institutions comply, Claritas, a local compliance consulting firm, offers a range of services designed to mitigate the risk of non-compliance.

Understanding Anti-Money Laundering Risks

Every bank and designated non-financial business or entity in the Cayman Islands must conduct an assessment of AML risks in its business and keep such assessments up-to-date. Claritas’ experienced consultants can assist clients in making or updating their risk assessments, leveraging their extensive knowledge of this requirement.

AML Compliance Training: A Must for Banks

In addition to risk assessments, Claritas offers training on all aspects of financial crime compliance in the Cayman Islands. The firm’s principals have conducted over 50 presentation and training events to various audiences in the past two years, providing presentations, training, and workshops on AML/CFT/CPF regulation.

“We understand that compliance can be a complex and time-consuming process,” said a spokesperson for Claritas. “That’s why we offer a range of services designed to help banks in the Cayman Islands meet their regulatory obligations.”

Compliance Services

  • Conducting institutional AML/CFT/CPF risk assessments
  • Acting as Anti-Money Laundering Compliance Officer and Money Laundering Reporting Officer
  • Review and revision of AML/CFT/CPF manuals, policies, and procedures
  • Preparing for on-site inspections and remediation of on-site inspection findings

Expertise in Cayman Islands Legislation

Claritas’ consultants have intimate practical knowledge of the legislation in the Cayman Islands as well as Rules, Statements of Guidance, and Regulatory Policies issued by CIMA. They can conduct compliance audits, advise on a regulatory compliance strategy, assist with drafting or reviewing manuals, policies, and procedures, preparing for on-site inspections, and assisting with on-site inspection remediation work.

In addition to compliance services, Claritas’ law firm can provide legal services when this is the most appropriate course. This ensures a smooth transition from compliance advice to legal advice and representation.

Banks in the Cayman Islands would do well to take note of these regulations and seek the expertise of a compliance consulting firm like Claritas to ensure they remain compliant with CIMA’s strict anti-money laundering regulations.