Financial Crime World

CAYMAN ISLANDS: Embracing a Risk-Based Approach to Compliance

The Cayman Islands has implemented stringent regulations for financial institutions and designated non-financial businesses to combat financial crime. Claritas, a leading compliance consulting firm, offers a risk-based approach to help organizations meet their anti-money laundering (AML), counter-terrorist financing (CFT), and counter-proliferation financing (CPF) obligations.

Expertise in Financial Services Regulatory Compliance

As a niche firm based in the Cayman Islands, Claritas has extensive knowledge of financial services regulatory compliance and prudential and market conduct regulation. The company’s consultants offer unparalleled expertise to assist financial institutions and designated non-financial businesses in enhancing their compliance with AML regulations and guidance issued by the regulator.

Financial Crime Compliance Services

Claritas provides a range of financial crime compliance services, including:

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

Risk-Based Approach

The company’s principals have extensive experience with the requirement to conduct risk assessments and frequently speak at industry conferences on the risk-based approach. Claritas is well-positioned to assist clients in making or updating their risk assessments.

Training and Education

In addition, Claritas offers training on all aspects of financial crime compliance in the Cayman Islands, having conducted over 50 presentation and training events in the past two years. The company’s consultants have intimate practical knowledge of the legislation in the Cayman Islands as well as Rules, Statements of Guidance, and Regulatory Policies issued by the Cayman Islands Monetary Authority.

Compliance Audits and Regulatory Support

For financial institutions seeking to meet their Cayman Islands regulatory obligations, Claritas offers:

  • Compliance audits
  • Advice on a regulatory compliance strategy
  • Assistance with drafting or reviewing manuals, policies, and procedures
  • Preparing for on-site inspections
  • Assisting with on-site inspection remediation work

The company’s consultants have extensive experience in all regulated sectors, including insurance, funds, securities, trusts, and corporate services providers and banking.

In cases where legal advice is necessary, Claritas’ law firm can provide clients with a smooth transition from compliance advice to legal advice and representation.

Conclusion

By embracing a risk-based approach to compliance, financial institutions and designated non-financial businesses in the Cayman Islands can ensure they are adequately protected against financial crime while also meeting regulatory requirements.