Recently, the Cayman's Department of Commerce & Investment has introduced a new AML regulation policy. As per the new policy, loan providers must provide proof of their source of funds while submitting an application for a business license, whereas the developers looking for a long term licensing period are required to resubmit new applications and provide updated information about the status of the projects.
Cayman amended its AML regulations while the CFATF (Caribbean Financial Action Task Force) fourth round mutual evaluation (^conducted in 2015) found that the nation’s risk assessment was inadequate and failed to prosecute any severe money laundering cases in the past. The idea of this policy change is to make financial crime investigation proactive and reduce money laundering/terrorist finance cases in the jurisdiction.
Source - INTERNATIONAL INVESTMENT
Enter your email address below to subscribe to newsletter