Cayman Islands: Changes to the AML Regime
The Cayman Islands has long had aĀ robust anti-money laundering and combatting of terrorist financing regime (the AML Regime) aimed at ensuringĀ that Cayman Islands financial serviceĀ providers adopt appropriate procedures to safeguard against the commission of money laundering and/or terroristĀ financing offences.
This article explores a number of significant changes to the regulatoryĀ framework introduced towards theĀ end of 2017. The principal aim ofĀ these revisions was to enhance theĀ AML Regimeās effectiveness and toĀ comply with the Financial Action Task Forceās Recommendations ahead of theĀ Caribbean Financial Action Task ForceāsĀ fourth round mutual evaluation of the Cayman Islands, which took place in December 2017.