Money Laundering: Cayman Islands Loosens Checks on Transfers

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The Cayman Islands government announced that they have changed their anti-money laundering guidance, to explain the outsourcing of compliance commitments to third parties.

It likewise affirms that customers’ identities do not require to be checked at the point of transferring funds for low-risk situations when payment originates from an account in the name of the client at a legitimate bank in the Cayman Islands or similar jurisdiction.