FCC RegUpdate

On April 19, 2024, the Cayman Islands government published the Anti-Money Laundering (Amendment) Regulations, 2024. The updated compliance requirements include counterterrorist and proliferation financing measures in addition to AML.

To know more: https://www.fcctimes.com/2024/04/19/cayman-islands-aml-amendment-regulations-2024/?utm_source=websiteText&utm_medium=FCCPOI6June24

Key amendments are as follows:

  • • Include sanctions screening with enhanced due diligence for higher risks
  • • Offences by an entity with the consent, connivance, or neglect of a director, manager, or secretary can result in fines for those individuals
  • • DNFBPs need to provide details of their AML Officers and beneficial owners during registration.
  • • DNFBPs must notify their supervisory authority of any changes in their AML risk assessment.
  • • For one-time transactions, the customer due diligence barrier reduced to CI $10,000