+更多
专家名录
唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学国际金融学院教授,中国反洗钱研究中心执行主任,陆家嘴金...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
转发
上传时间: 2018-09-24      浏览次数:741次
Cayman’s new rules disrupt anti-money laundering services


http://www.internationalinvestment.net/regions/caribbean/caymans-new-rules-disrupt-anti-money-laundering-services/

 

Cayman’s fund industry is facing significant changes under new regulations to fight money laundering and the financing of terrorism.

 

The latest Anti-Money Laundering Regulations, designed to bring Cayman’s regime in line with FATF recommendations and global practice, extended their application to all relevant financial businesses.

 

These are entities that conduct a business of “investing, administering or managing funds or money on behalf of other persons” or “investment related insurance” in or from Cayman. As a result, the definition now includes certain previously unregulated, closed-ended investment funds and structured finance vehicles, local media outlet The Cayman Islands Journal reports.

 

One of the biggest changes is that the regulations now determine that both regulated and unregulated funds have until Sept. 30 to nominate three types of anti-money laundering (AML) officers. New funds were already expected to have appointed the designated AML officers since June 1.

 

Crucially, the money laundering reporting officer, the deputy money laundering reporting officer and the AML compliance officer must be natural persons, rather than a service provider entity.

 

Until now most regulated funds delegated the AML functions to their administrator or another service provider, especially in cases where a fund did not have any employees.

 

In addition to appointing natural persons to these roles, funds must review their service provider delegation agreements to make sure that the delegation of the AML function is properly taken care of and update their documentation and internal anti-money laundering compliance policies and procedures.

 

Although the new rules will mean some added costs, the industry expects clients are sophisticated enough to understand this regulation is going to be global.

 

We are not doing anything that is different from other jurisdictions and if you participate in financial services globally, you are going to have to comply with [those] regulations,” LaNishka Farrington-McSweeney, a partner in EY’s Financial Services Organization told the publication.

 

At the same time, the potential penalties for non-compliance have increased.

 

Cayman’s financial regulator can impose administrative fines of up to CI$1 million for breaches of AML requirements. Auditors will pick up on any shortcomings.

 

Under the Mutual Funds Law, we are required as auditors to report non-compliance to the regulator,” the EY partner said.