Regulatory Compliance Association Reviews

The New Cayman Islands AML Regulations

Date: August 30, 2018                                                                                                              
General Session: 12:00 PM ET to 1:30 PM ET
Location: Webcast (Free)

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This session will consider the revised anti-money laundering and counter-terrorist financing laws, regulations and guidance applicable to financial services providers, including funds, in the Cayman Islands. The session will cover the requirements applicable to financial services providers, which are prohibited from carrying on business unless they has established and maintains procedures and internal controls which include customer due diligence; ongoing monitoring and sanctions screening; record keeping; risk assessment; employee screening, training and awareness; suspicious activity reporting including the designation of individuals at managerial level as money laundering reporting officer (“MLRO”) and deputy MLRO; compliance oversight  including the designation of an individual at managerial level as anti-money laundering compliance officer (“AMLCO”) (who may be the same individual as either the MLRO or the Deputy MLRO); and internal audit. The session will also cover the requirements applicable to delegation by a financial services provider of these obligations and potential sanctions for failures to comply. The new legislation was further clarified recently and this session will consider the new requirements including the most up to date developments and deadlines.

Learning Objectives:

Students shall master the following within this session:

  • Determine which entities are subject to Anti-Money Laundering Regulations
  • List the proactive steps which must be taken by Cayman Islands funds and other financial services providers
  • List the responsibilities of the money laundering reporting officer, deputy MLRO; and anti-money laundering compliance officer
  • List the applicable penalties
  • Recognize the effect of the recent revisions and current transitional period
  • Apply the proactive steps required by the legislation in practice

Session Chairman:

Walter Zebrowski, JD, CPA, Principal, Hedgemony Partners
Chairman, Regulatory Compliance Association

Senior Fellow from Practice:

Lucy Frew, LLB, Partner, Walkers Global

Guest Lecturers

Andrew Howarth, LLB, Associate, Walkers Global

Colm Dawson, LLB, Associate, Walkers Global