Conducting an independent AML audit at a frequency based on the nature, scale and complexity of the entity is a requirement under the AML Regulations.
AML audits are an important component of the control environment to...more
10/17/2024
/ AML/CFT ,
Anti-Money Laundering ,
Audits ,
Cayman Islands ,
CIMA ,
Compliance ,
Customer Due Diligence (CDD) ,
Financial Services Industry ,
Penalties ,
Policies and Procedures ,
Regulatory Standards ,
Risk Assessment ,
Sanctions
On 15 March 2024, the Ministry of Financial Services and Commerce (the "Ministry") issued Technical Guidance for corporate services providers ("CSPs") to facilitate changes to internal processes in support of the transition...more
New specific licensing grounds available under Cayman Islands and BVI Russia sanctions will pave the way for Cayman Islands and BVI investment funds and other entities to divest their frozen assets in Russia as well as remove...more
Following industry consultation, on 30 August 2023 the Cayman Islands Monetary Authority ("CIMA") issued updated Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation...more
9/15/2023
/ AML/CFT ,
Anti-Fraud Provisions ,
Anti-Money Laundering ,
Cayman Islands ,
CIMA ,
Cybersecurity ,
Due Diligence ,
Financial Services Industry ,
Guidance Update ,
Money Laundering ,
Policies and Procedures ,
Recordkeeping Requirements ,
Risk Assessment ,
Selfies ,
Videoconference
BVI Business Companies (Amendment) Act revisions effective 1 January 2023 -
The BVI Business Companies (Amendment) Act, 2022 (“BCA Amendment Act”) which amends the BVI Business Companies Act, as amended (the “BCA”) was...more
BVI Business Companies (Amendment) Act revisions effective 1 January 2023 -
The BVI Business Companies (Amendment) Act, 2022 (“BCA Amendment Act”) which amends the BVI Business Companies Act, as amended (the “BCA”) was...more