Cayman Islands Monetary Authority Guidance on The Appointment, Duties, and Responsibilities of Anti-Money Laundering Officers

      June 9th | 2021

      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

      Previous post Next post
      Share

      More like this

      The Monetary Authority of Singapore extends training support measures to foster skills development in new growth areas

      On 25 June 2021, MAS and IBF announced new measures for the extension of the enhanced training support measures to…
      Read more

      The Monetary Authority of Singapore Reprimands AIA Financial Advisers, Prudential, and Two Aviva Entities

      On 15th June 2021, Monetary Authority of Singapore (MAS) reprimanded several large financial institutions in the insurance and financial advisory…
      Read more

      The Monetary Authority of Singapore proposes to mandate reference checks

      The Monetary Authority of Singapore (“MAS”) released a consultation paper on 17 May 2021 inviting the public to comment on…
      Read more

      Are You Prepared to Comply With MAS Environmental Risk Management Guidelines?

      The Monetary Authority of Singapore (“MAS”) consulted on June 2020, on the proposed guidelines to enhance fund managers’ resilience to…
      Read more

      Set Up of External Asset Managers in Singapore

      External Asset Managers (EAM), also known as Independent Asset Managers (IAMs), are growing in size in Asia; especially in Singapore.…
      Read more

      Corporate Financial Advisory In Singapore: A Comparison of the Regulatory Frameworks Applicable

      Companies providing corporate financial advisory in Singapore are governed by the regulations under the Securities and Futures Act (SFA). In…
      Read more