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Alternative Market Briefing

Caymans' AML requirements still a bit up in the air

Monday, March 25, 2019

amb
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......................

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