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Topic: anti-money laundering

Malta, Philippines join Cayman on FATF grey list

Malta, the Philippines, Haiti and South Sudan have been placed on the Financial Action Task Force’s anti-money laundering grey list.

Anti-money laundering: Finding the right balance

After a CFATF report criticised Cayman’s anti-money laundering framework in March 2019, several professions and businesses found themselves for the first time directly subjected to AML laws and regulations.

CIMA hands out $72,800 anti-money laundering fine to Star Insurance

The Cayman Islands Monetary Authority has fined another Cayman company for breaches of the Anti-Money Laundering Regulations.

SILO and BDO form regtech joint venture

Regulatory technology developer SILO Compliance and accounting firm BDO Cayman have entered into a joint venture.

Anti-money laundering: Cayman is held to a higher standard

The FATF argues that Cayman as a major financial centre should be held to a higher standard, in line with its larger anti-money laundering risks.

Cayman placed on FATF grey list

The Financial Action Task Force has added the Cayman Islands to its grey list of countries whose anti-money laundering (AML) practices are under increased monitoring.

Cayman financial investigators freeze US$200 million

The Cayman Islands Bureau of Financial Investigations has secured court orders freezing US$200 million as part of global anti-money laundering efforts.

Anti-money laundering: CIMA fines Western International $482,000

The Cayman Islands Monetary Authority has fined Western International Trust Company Limited $482,717 for breaches of the anti-money laundering regulations (AMLRs).

Webinar promotes anti-money laundering compliance

An anti-money laundering webinar was held this month as part of efforts to ensure Cayman meets international standards to prevent the illegal practice.

Local experts to present AML training

Angela Mele, founder of RiskPass AML+Compliance Ltd. and Paul Byles, director of FTS, will present an anti-money laundering refresher training session this month for the local compliance and risk-management industry.

Cayman reports anti-money laundering progress to FATF

On the eve of being reassessed by the Financial Action Task Force, the Cayman Islands government said it had made significant achievements in responding to a critical evaluation of its anti-money laundering regime.

Report reveals how criminals launder money after a cyber heist

A new report explores how cyber criminals, who steal from banks, can cash out and launder the money so that it cannot be traced.

Global banks hit with US$5.6 billion in compliance fines in 2020

High-profile scandals and compliance failures in the US, Israel, Northern Europe and Germany have attracted the lion's share of penalties out of the total US$5.6 billion in fines for global financial institutions for non-compliance in the first half of 2020.

Lawmakers pass raft of anti-money laundering bills

Members of the Legislative Assembly have adopted four bills related to Cayman’s regime for anti-money laundering and the countering of terrorism financing. Amendments to the Companies Law and the Limited Liability Companies Law introduce stricter administrative fines for Cayman’s beneficial-ownership regime, and ensure basic regulatory powers are listed on a company register and made available for public inspection.

EU plans anti-money laundering authority, expands blacklist

The European Commission has published a six-point anti-money laundering action plan last week that includes the proposal for a new EU AML authority and better alignment of its third-country blacklist with the Financial Action Task Force list of non-cooperative countries and territories.

Year in review: Cayman addresses anti-money laundering shortcomings

In March of 2019, the Caribbean Financial Action Task Force released a mutual evaluation report that found the Cayman Islands has major shortcomings in its ability to analyse and understand the risks from money laundering and terrorism financing.

Cayman fights misuse of business entities

Cayman Islands Monetary Authority and the Anti-Money Laundering Unit hosted a training session on 8 Nov. for business representatives, government and regulators to better identify the risks of misusing legal persons and arrangements, such as companies, partnerships and trusts, for financial crime.

Private and public sectors join to fight financial crime

How to spot professional money laundering, terrorism financing and financial crime involving complex corporate structures were the main topics at the Financial Crime Investigation...

Swedish anti-money laundering expert to support Cayman

Jan Tibbling, the chief public prosecutor at the Swedish Economic Crime Authority, has been seconded to the Cayman Islands to advise government’s coordination team on its response to Caribbean Financial Action Task Force’s negative review of the local anti-money laundering regime.

DCI holds AML workshop for jewellery dealers

The Department of Commerce and Investment hosted a training session for dealers in precious metals and stones on Thursday, 15 Aug

Government reports on anti-money laundering progress

Working relationships between local and public sector agencies are growing stronger as a result of the work by Elisabeth Lees, the national coordinator for the Anti-Money Laundering Steering Group, government stated in a press release.

EU to revive money laundering blacklist with new criteria

The European Union will reveal a new methodology for its anti-money laundering blacklist of third countries by October. A previous blacklist was blocked by EU governments after a diplomatic row over the listing of Saudi Arabia and four US overseas territories.

Financial services bills dominate Legislative Assembly agenda

The Legislative Assembly is back in session Wednesday with a raft of new financial services legislation under consideration.
An aerial view of the business area of downtown George Town, Grand Cayman

New anti-money laundering regulations come into force May 1

The Department of Commerce & Investment is introducing four new board policies as part of effective anti-money laundering regulation.
An aerial view of the business area of downtown George Town, Grand Cayman

Money laundering report finds ‘major deficiencies’ in Cayman

The Cayman Islands has major shortcomings in its ability to analyse and understand the risks from money laundering and terrorism financing. Large money laundering investigations and prosecutions are non-existent and the use of the Financial Reporting Authority to initiate investigations is benign, the latest mutual evaluation report by the Caribbean Financial Action Task Force has concluded.
An aerial view of the business area of downtown George Town, Grand Cayman

Government: New anti-money laundering plan under way

Government has responded to what appears to be a damning evaluation of the effectiveness of Cayman’s anti-money laundering framework by launching an action plan that aims to address any deficiencies within a year.
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Anti-money laundering officer and related deadlines pushed back

The Cayman Islands Monetary Authority has announced that regulated funds have until Dec. 31 to notify the regulator of the appointment of anti-money laundering officers, and unregulated funds have until the same date to make their AML officer appointments.

Useless anti–money laundering laws

Governments occasionally pass laws with good intent but which backfire because they were poorly thought out and created perverse incentives, making the situation far worse. The current effort to stop money laundering has turned into a disaster for the global poor, who can no longer get bank accounts or easily and legally transfer money (remittances) to their relatives in poor countries.

Cayman officials discuss bank de-risking in the US, Bahamas

Officials from the Ministry of Financial Services and the Cayman Islands Monetary Authority held a second round of talks in Washington, D.C., in December about the danger of U.S. banks severing their business ties with banks in the Caribbean.

Anti-money laundering review to include jewelry, real estate

A bill that will seek to prevent money launderers and terrorist financiers from using non-financial services-related businesses in the Cayman Islands to carry out their illicit deeds is expected to come before lawmakers in the fall, Financial Services and Commerce Minister Wayne Panton confirmed this week.

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