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Cayman Islands’ Financial Institutions Eye Global AML/CFT Regulations

KINGSTON, Cayman Islands - The Anti-Money Laundering Steering Group has released a list of countries and territories deemed to have equivalent legislation to that of the Cayman Islands. This move aims to streamline anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.

Simplified Due Diligence Measures

The list, which came into effect on October 2, 2017, allows financial institutions in the Cayman Islands to rely on simplified due diligence measures when conducting business with entities from these jurisdictions. This is part of the Anti-Money Laundering Regulations (2018 Revision), which replaced Schedule 3 of the previous Money Laundering Regulations (2015 Revision).

Countries and Territories on the List

The list includes a total of 33 countries and territories, including:

Argentina
India
Australia
Ireland
Austria
Isle of Man
Bahamas
Israel
Bahrain
Italy
Barbados
Japan
Belgium
Jersey
Bermuda
Liechtenstein
Brazil
Luxembourg
British Virgin Islands
Malta
Canada
Netherlands
Curacao
New Zealand
Cyprus
Norway
Denmark
People’s Republic of China
Finland
Portugal
France
Singapore
Germany
Spain
Gibraltar
Sweden
Greece
Switzerland
Guernsey
United Arab Emirates
Hong Kong
United Kingdom
Iceland
and the United States of America

Oversight and Compliance

The Anti-Money Laundering Steering Group, comprising representatives from various government agencies, approved the list as part of its general oversight of anti-money laundering policy. Financial institutions are advised to conduct their own due diligence when dealing with entities from countries not included on the list.

Importance of Compliance

The Cayman Islands Government has emphasized the importance of ensuring that all financial institutions comply with the new regulations to prevent money laundering and terrorist financing. Financial experts have praised the move, saying it will simplify regulatory compliance for financial institutions operating in the Cayman Islands while maintaining global standards against money laundering and terrorist financing.

Full List Available

The full list of countries and territories deemed to have equivalent AML/CFT legislation can be found below: