The Ministry of Financial Services is encouraging single-family offices in the Cayman Islands to participate in government’s consultation on additional anti-money laundering regulations, either via their trust and corporate services providers or directly through the ministry.
The consultation, on the Anti-Money Laundering (Single Family Office) Regulations, 2019, will be open through Monday, 4 Nov. Single-family offices are already subject to current anti-money laundering regulations. The proposed additional regulations will facilitate their supervision by the Cayman Islands Monetary Authority for anti-money laundering and counter terrorist financing purposes. The regulations also will give CIMA data regarding single-family offices in Cayman.
The ministry has requested that trust and corporate services providers share the draft regulations with clients who meet the Securities Investment Business Law’s definition of single-family office, and then ask for the clients’ views. Single-family offices can also contact their service providers about the consultation.
For single-family offices that want to give input directly to the ministry, email [email protected] to request the consultation document.
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