New rules shake up anti-money laundering services

LaNishka Farrington-McSweeney

Cayman’s fund industry is facing significant changes under new regulations to fight money laundering and the financing of terrorism.

Last year 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.

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