Anti-Money Laundering Compliance Officer (“AMLCO”), Money Laundering Reporting Officer (“MLRO”) and Deputy Money Laundering Reporting Officer (“DMLRO”) Roles
Update
The Cayman Islands Monetary Authority (CIMA) has made some changes to the deadlines that Cayman domiciled funds need to comply with to ensure they do not breach their obligations under the Cayman AML Regulations. A summary of the revised deadlines are as follows:
Funds that are Registered with CIMA:
• Must appoint AMLCO, MLRO and Deputy MLRO by September 30, 2018 (i.e. there has been NO change to this deadline); and
• Must notify CIMA of the appointments through the REEFS portal by December 31, 2018.
Funds that are not Registered with CIMA:
• Must appoint AMLCO, MLRO and Deputy MLRO by December 31, 2018; and
• Must notify CIMA of the appointments through the REEFS portal by December 31, 2018.
Next Steps
It is important that you take action now to ensure you are compliant with the new regulatory requirements.
Carne has 11 AMLCO and MLRO experts globally supporting funds domiciled in the Cayman Islands, as well as other jurisdictions. We can perform essential tasks on a Fund Board’s behalf to assist the Fund in complying with the new AML Regulations.
To find out more about the optimum solution for your specific requirements, contact your Carne Client Service and Relationship Manager.
