Cayman Islands: New anti-money laundering regulations come into force May 1

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April 23 2019

The Department of Commerce & Investment is introducing four new board policies as part of effective anti-money laundering regulation. The department oversees designated non-financial businesses and professions, which include real estate agents and precious metal dealers.

The policies come into force on Monday, May 1, 2019. The policy changes affect money-lending businesses such as payday loan providers, who must now submit proof of their source of funds when making an application for a business licence.