Cayman Islands Anti-Money Laundering Surveys for Financial Service Providers 2024
The Cayman Islands Monetary Authority ( “CIMA”) is circulating its annual 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 assist CIMA 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 and in CIMA’s reporting schedule.
CIMA has distributed the AML surveys to the designated AML Compliance Officer (“AMLCO”), ML Reporting Officer (“MLRO”), registered office and ‘principal contacts’ of all such regulated FSPs in accordance with CIMA’s records. The AML surveys can only be completed online by a relevant recipient accessing the link contained in CIMA’s email. The majority of the questions are business-specific and / or factual. Accordingly, the AML surveys need to be completed primarily by, or with the input of, the appointed AMLCO for the FSP.
| Relevant Sector | Survey Issue Date | Survey Due Date |
| Securities: Full, Restricted, and Registered Persons | 1 June 2024 | 30 July 2024 |
| Virtual Asset Service Providers (completed) | 1 March 2024 | 30 April 2024 |
| Insurance: Class A, Class B, Class C, Agents, and Brokers | 1 August 2024 | 30 September 2024 |
| Fiduciary: Trust, Company Manager, Corporate Service Providers | 1 June 2024 | 30 July 2024 |
| Banking: Class A, Class B, Building Societies, Credit Union, Development Bank and Money Services Businesses | 1 May 2024 | 30 June 2024 |
| Investments: Mutual Fund Administrators | 1 June 2024 | 30 July 2024 |
CIMA has additionally published guidance for completing the AML surveys.
If you have not received access to your FSP’s AML survey, you should contact CIMA at [email protected].
If you require additional help to complete these AML surveys, please contact a member of our Regulatory team.