Further Guidance on Cayman Third-Party Compliance Obligations

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The Cayman Islands government have released further guidance on the announced amendments to its anti-money laundering regime. The guidance hopes to elucidate and explain the outsourcing of compliance obligations to third parties.

It also confirms that clients’ identities do not need to be verified when the receipt of bank transfer is received for situations considered to be low-risk. A low-risk scenario is when payment originates from an account in the client’s name from a licensed Cayman Islands bank or equivalent jurisdiction.