CIMA reminder re: AML officers
18 Jun 2021
On 7 June 2021 the Cayman Islands Monetary Authority (CIMA) reminded its regulated entities that they must ensure their AML Officers:
- are properly appointed
- are able to dedicate sufficient time for the efficient and effective discharge of their respective functions
- are well versed in the different types of transactions that the business conducts which may give rise to opportunities for money-laundering, terrorist financing, proliferation financing
Where the AML Officer function is outsourced, the regulated entity retains ultimate responsibility for its compliance with the AML Regulations and the maintenance of adequate AML policies and procedures.
CIMA’s Notice can be found here.