The Caymans' Ministry of Financial Services has published an initial set of rules that came into effect on 28 October 2020. These kick off phase one of the framework, which will determine how the Caymans will regulate and enforce anti-money laundering (AML) and countering the financing of terrorism (CFT) measures.
VASPs already working in the Caymans, or planning to, will need to notify and register with the Cayman Islands Monetary Authority (CIMA) and comply with the AML/CFT rules. ‘Phase Two’, slated to come into force in June 2021, will look at licensing requirements and prudential supervision for VASPs.
Phase One also comes as the Cayman Islands is being assessed by the Financial Action Task Force and the Caribbean Financial Action Task Force on its efforts to combat proliferation financing (CPF) – that is, funding of weapons of mass destruction.
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