CIMA Guidance on The Appointment, Duties, and Responsibilities of Anti-Money Laundering Officers

      The Cayman Islands Monetary Authority recently issued a reminder regarding the duties and responsibilities of Anti-Money Laundering Compliance Officers (“AMLCOs”), Money Laundering Reporting Officers (“MLROs”) and their Deputies (collectively, “AML Officers”) as set out in the Anti-Money Laundering Regulations (2020 Revision). Among other things, like the base-level qualifications for AML Officers (e.g., management level, natural person, autonomous and with access to relevant information, etc.), CIMA reiterated that:

      1. AML Officers must be able to dedicate sufficient time for the efficient and effective discharge of their respective functions. Where an AML Officer has other professional roles and responsibilities, these should not compromise their independence or ability to carry out their AML functions;

      2. AML Officers must be versed in the different types of transactions that the business conducts which may give rise to opportunities for money-laundering, terrorist financing, proliferation financing and any direct or indirect activity with designated person or entities; and

      3. Where the AML Officer function is outsourced, the Licensee or Registrant retains ultimate responsibility for compliance with the AML Regulations and must maintain adequate policies and procedures.

      Waystone’s AML/CFT Compliance Solutions

       Next post
      Share

      More like this

      Regulatory Compliance Updates September 2024 – APAC Region

      This APAC regulatory update includes – Implementation of Reporting Requirements for Over-The-Counter (“OTC”) Derivatives Contracts, Change of Particulars for Fund…
      Read more

      Regulatory Compliance Updates August 2024 – APAC Region

      This APAC regulatory update includes – Decommissioning of the Corporate E-Lodgment Portal; Consultation Paper on Proposed Amendments to Requirements for…
      Read more

      Personal data protection in Singapore

      Overview of the Singapore Personal Data Protection Act (PDPA) The PDPA comprises various requirements governing the collection, use and disclosure…
      Read more

      Payment Service Provider Licence Application – MAS issues amendments to its Guidelines

      The Monetary Authority of Singapore (MAS) has published amendments to its Guidelines on Licensing for Payment Service Providers [PS –…
      Read more

      Regulatory Compliance Updates July 2024 – APAC Region

      This APAC regulatory update includes – The Guidelines on Risk Management Practices – Internal Controls – Section 3.13 on “Securitisation”;…
      Read more

      Establishing the sources of wealth of customers – MAS issues new circular

      On 26 July, MAS issued a new circular on establishing the sources of wealth (“SOW”) of customers.
      Read more

      Updates to Singapore's Money Laundering National Risk Assessment and Terrorism Financing National Risk Assessment

      As part of Singapore’s continuing efforts to maintain the effectiveness of its anti-money laundering and countering the financing of terrorism…
      Read more