Cayman Islands Anti-Money Laundering Surveys for Financial Service Providers 2022
The Cayman Islands Monetary Authority (the “Authority”) is circulating its new AML surveys in accordance with its duties under the Monetary Authority Act (As Revised) to conduct sectoral money laundering (“ML”) / terrorist financing (“TF”) / proliferation financing (“PF”) and sanctions risk assessments and to ensure a risk-based approach to anti-money laundering (“AML”) / counter financing of terrorism (“CFT”) supervision of regulated financial service providers (“FSPs”) in the Cayman Islands.
- Published
- in Industry Updates
The AML surveys will assist the Authority in the exercise of its functions, including the collection of AML / CFT / CPF and sanctions data from FSPs.
FSPs in each regulated sector (other than mutual funds and private funds) are required to complete the AML survey specific to that sector within the time period stipulated in the table below.
| Relevant Sector | Survey Issue Date | Survey Due Date |
| Securities: Full, Restricted, and Registered Persons | 12 September 2022 | 7 October 2022 |
| Virtual Asset Service Providers | 12 September 2022 | 7 October 2022 |
| Insurance RFB Self Declaration: Class A, Class B, Class C, Agents, and Brokers | 19 September 2022 | 30 September 2022 |
| Fiduciary: Trust, Company Manager, Corporate Service Providers | 19 September 2022 | 14 October 2022 |
| Banking: Class A, Class B, Building Societies, Credit Union, Development Bank and Money Services Businesses | 26 September 2022 | 21 October 2022 |
| Investments: Mutual Fund Administrators | 26 September 2022 | 21 October 2022 |
The Authority has distributed the AML Surveys to the designated Anti-Money Laundering Compliance Officer (“AMLCO”), Money Laundering Reporting Officer (“MLRO”), registered office and “principal contacts” of all such regulated FSPs in accordance with the Authority’s records. The AML surveys can only be completed online for each FSP by a relevant recipient accessing the link contained in the Authority’s email. The majority of the questions are business-specific / factual. Accordingly, the AML surveys need to be completed primarily either by, or with the input of, the appointed AMLCO for the FSP.
The Authority has additionally published guidance for completing the AML surveys.
If you have not received access to your FSP’s AML survey, you should contact the Authority.
If you require additional help to complete these AML surveys, please contact a member of our Regulatory team.
