Cayman’s new rules disrupt anti-money laundering services

25

September 24 2018

The latest Anti-Money Laundering Regulations, designed to bring Cayman’s regime in line with FATF recommendations and global practice, extended their application to all relevant financial businesses.

These are entities that conduct a business of “investing, administering or managing funds or money on behalf of other persons” or “investment related insurance” in or from Cayman. As a result, the definition now includes certain previously unregulated, closed-ended investment funds and structured finance vehicles, local media outlet The Cayman Islands Journal reports.