Conducting an independent AML audit at a frequency based on the nature, scale and complexity of the entity is a requirement under the AML Regulations.
AML audits are an important component of the control environment to...more
10/17/2024
/ AML/CFT ,
Anti-Money Laundering ,
Audits ,
Cayman Islands ,
CIMA ,
Compliance ,
Customer Due Diligence (CDD) ,
Financial Services Industry ,
Penalties ,
Policies and Procedures ,
Regulatory Standards ,
Risk Assessment ,
Sanctions
Following industry consultation, on 30 August 2023 the Cayman Islands Monetary Authority ("CIMA") issued updated Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation...more
9/15/2023
/ AML/CFT ,
Anti-Fraud Provisions ,
Anti-Money Laundering ,
Cayman Islands ,
CIMA ,
Cybersecurity ,
Due Diligence ,
Financial Services Industry ,
Guidance Update ,
Money Laundering ,
Policies and Procedures ,
Recordkeeping Requirements ,
Risk Assessment ,
Selfies ,
Videoconference
Approaches and developments -
The Cayman Islands has long been a leading offshore jurisdiction for investment funds, as well as a significant global financial centre overall. It is therefore not surprising that, reflecting...more
9/13/2023
/ AML/CFT ,
Cayman Islands ,
CIMA ,
Cross-Border Transactions ,
Customer Due Diligence (CDD) ,
Data Protection ,
Digital Assets ,
Economic Substance Doctrine ,
Enforcement ,
FATF ,
Financial Reporting ,
FinTech ,
Intellectual Property Protection ,
Investment Funds ,
Know Your Customers ,
Offshore Companies
Walkers' regulatory partners Lucy Frew and Ian Mason consider the learning points for financial services providers (FSPs) from recent enforcement actions by Cayman regulatory bodies.
While financial services and related...more
8/7/2023
/ AML/CFT ,
Anti-Money Laundering ,
Banks ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Due Diligence ,
Employee Training ,
Enforcement Actions ,
FATCA ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinTech ,
Insurance Industry ,
Internal Reporting ,
Investment Funds ,
Recordkeeping Requirements ,
Securities