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Cayman Islands AML (Amendment) Regulations 2024

Money LaunderingCayman Islands AML (Amendment) Regulations 2024

The amendment aims to enhance the overall regulatory framework by strengthening compliance, improving risk assessment, and expanding accountability. To this end, compliance now encompasses counter-terrorist financing and measures against proliferation financing, in addition to anti-money laundering (AML) protocols. Key amendments include the introduction of sanctions screening combined with enhanced due diligence for higher-risk scenarios. Furthermore, the registration process for Designated Non-Financial Businesses and Professions (DNFBPs) must now include the appointment of AML Officers and the identification of beneficial owners, ensuring greater transparency and responsibility. Additionally, the threshold for customer due diligence in one-time transactions has been lowered to CI $10,000, making it easier to monitor and assess these transactions effectively.

Read the full document below

By FCCT Editorial Team freeslots dinogame telegram营销

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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