Financial Regulatory Authority (FRA) – DAML / Consent Regime

On 2 January 2025, sections 11, 12 and 13 of the Proceeds of Crime (Amendment) Act, 2023 came into force amending sections 133,134 and 135 of the Proceeds of Crime Act (As Revised) (“POCA”) such that those filing a suspicious activity report (“SAR”) in the Cayman Islands are now required to comply with a UK-styled defence against money laundering/consent regime (“DAML / Consent Regime”).