News & Insights

AML Regulations Reminder

As discussed in our previous newsletter, The Anti-Money Laundering Regulations, 2017 (the “Regulations”) were brought into force on 2 October 2017 and replaced the Money Laundering Regulations (2015 Revision) (the “Former Regulations”).

One of the most fundamental changes brought about by the Regulations is that the definition of ‘relevant financial business’ (being the trigger for application of the Regulations) has been extended to include “investing, administering or managing funds or money on behalf of other persons”. The result of this change is that unregulated investment entities and finance vehicles (including private equity and closed-ended/unregistered funds) will now be within the scope of the Regulations and required to comply with their terms.

Please see our Guidance Note on Unregulated Funds and the New AML Regime in the Cayman Islands.

If you would like our assistance in ensuring that your fund is compliant with the Regulations before the 31 May 2018 deadline, please do contact us as we are offering a fixed-fee service to our clients for the drafting of an AML & Compliance Manual for their use and reference.

This publication is for general guidance and is not intended to be a substitute for specific legal advice. Advice should be sought about specific circumstances.

If you would like further information please contact:

Chris Humphries
Managing Director
Tel:(+1 345) 814 7911
chris.humphries@stuartslaw.com

This publication is for general guidance and is not intended to be a substitute for specific legal advice. Specialist advice should be sought about specific circumstances.

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