Fri, Apr 19, 2019
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Caymans' AML requirements still a bit up in the air

Monday, March 25, 2019

Bill Prew
B. G., Opalesque Geneva:

The Cayman Islands' anti-money laundering (AML) requirements are still a bit up in the air, according to Bill Prew, CEO/founder at Indos Financial. Even though all open-ended, Cayman-domiciled hedge funds had to appoint three AML officers by September, there are still grey areas in such topics as the level of investor screening, the funds' own AML policy, sanctions and oversight. This was confirmed by the mutual evaluation report published last week.

The legislation was introduced by the Cayman Islands Monetary Authority (CIMA) in 2018 as a result of the Financial Action Task Force (FATF)'s recommendations and the global clampdown on ineffective anti-money laundering processes across the world, he explains. In CIMA's AML rules, some areas are more stringent than in other jurisdictions.

"To give you an example, if you are a Cayman Islands fund administrator, you have to screen investors in the fund to the level of 10% of the ultimate beneficial owner of the investor. Whereas in Ireland, for example, where a significant amount of AML activity takes place for Cayman funds, they operate to a 25% level. Differences like that are quite material particularly in an operational sense."

Hedge funds had to appoint three officers

These requirements cam......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Institutional Investors: Here's how much public pensions are in the hole by per U.S. resident, Swedish pension giant awards $1.5bn PE mandate, CalSTRS on lookout for private equity investment consultants, Baltimore Fire & Police commits to LaSalle value-added real estate fund, US, European institutional investors plan to pile into China's capital markets, survey finds[more]

    Here's how much public pensions are in the hole by per U.S. resident From Value Walk: A lthough some government agencies have demonstrated a desire to deal with the pension crisis, the problem of unfunded liabilities continues to get worse year after year. A new report pegs U.S. public pe

  2. YieldStreet acquires Carlyle-backed Athena for $170m to add art financing to its alternative investment platform[more]

    Laxman Pai, Opalesque Asia: Yieldstreet, a closely held digital wealth management platform, acquires Athena Art Finance from Carlyle Group and co-investors in a deal valued at $170m. With this acquisition, YieldStreet, which raised $62m in February to further open to a wider base of investors

  3. Europe: KKR strikes hedge fund gold with British billionaire pair, Net outflows continue at Swiss asset manager GAM, Swiss fintech launches hedge fund platform, Cash-flush buyout firms target Europe in take-private scramble[more]

    KKR strikes hedge fund gold with British billionaire pair From Bloomberg: A pair of 200-year-old wooden elephants adorn the London lobby of one of the financial world's biggest beasts. The carvings guard the Chelsea office of fast-growing $39 billion hedge fund Marshall Wace. Co-foun

  4. Performance: BlueMountain was one of the biggest losers of the first quarter[more]

    From Institutional Investor: BlueMountain Capital Management - the hedge fund firm fighting a proxy battle over the future of bankrupt California power company PG&E - has another problem.Its main fund, BlueMountain Credit Alternatives, is down 4 percent for the year through April 5, according to HSB

  5. Opalesque Exclusive: Alternative UCITS trends: asset outflow and growth in quant strategies[more]

    B. G., Opalesque Geneva: The market for alternative UCITS, the more hedge fund-type of UCITS funds, has doubled since 2008, but underwent its first outflow since then in 2018. According to LuxHedge's database, it now stands at €400bn ($452bn), with about 1,400 funds. Despite the outflo