Independent AML Controls Review: Requirements for Cayman fund vehicles and management companies

      The Independent AML Controls Review (“AML review”) fulfils the obligations under the Cayman AML Regulations that require Cayman investment vehicles and management companies to have their AML/CFT systems and procedures audited for compliance with the Regulations, on a regular basis.

      The frequency of this AML review must be commensurate with the entity’s nature, size, complexity, and risks identified during the risk assessment process. The AML review is an independent review of the entity’s AML policy and procedures and the person(s) conducting the AML review must not have been involved in the performance of any of the processes or controls which are being reviewed.

      While the results of the AML review are not required to be filed with the Cayman Islands Monetary Authority (CIMA), it is something that CIMA may expect to see evidence of as part of their supervisory inspection process.

      How can Waystone help?
      Waystone provides organisations with independent, AML compliance specialists to perform the AML review. Our experienced AML compliance specialists will perform in-depth AML compliance reviews of Cayman fund vehicles and management companies and where any gaps are identified, recommendations to improve or remediate. In addition, they can also assist in providing recommendations to help with the preparation for any potential regulatory inspection.

      To learn more about Waystone’s Independent AML Controls Review or any of our Cayman AML Solutions, please reach out to your usual Waystone representative or contact us below.

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