AML/CFT Policy and Procedures for Cayman CIMA

We're a financial firm in Cayman, We provide China customers with Forex , and now in the Cayman get authorization is [Securities - Excluded Persons] license, and now the Cayman Islands Monetary Authority asked us to provide AML/CFT polocies and procedures documents,we need someone to help us with this document

Here's what CIMA sent us:

Dear Friends,

After weeks of ongoing dialogue with the Cayman Islands Monetary Authority (“CIMA”) to obtain more information about the new Cayman Islands law requirements that will soon cover Cayman domiciled investment management companies and investment advisor companies which manage or advise on the assets of third parties (together “Cayman Fund Managers”), we now have some update for you.

As you probably know, the Securities Investment Business Law (2019 Revision) (“SIB Law”) has been amended to set out new requirements for Cayman Fund Managers. However the amended law is not yet in force.

Cayman Fund Managers which are currently registered with CIMA under the SIB Law and have “Excluded Person” status are currently exempted from the requirement to have a licence in Cayman and are, for the most part, unregulated in the Cayman Islands. This will soon change. CIMA estimates that the new requirements under the amended SIB Law will come into force on or before 24th June 2019.

Once the new requirements come into force, Cayman Fund Managers which currently have SIBL “Excluded Person” status will have to meet the following requirements:

(i) Registration with CIMA – Each Cayman Fund Manager will be required to register with CIMA and will become a regulated entity subject to very similar requirements as a licensee. CIMA has advised that there will be three (3) phases to complete the transition from “Excluded Person” status to full registration with CIMA. The first phase will consist of submitting further information to CIMA regarding Anti-Money Laundering policies and procedures that the Cayman Fund Manager currently has in place. We will be contacting each of our Cayman Fund Manager clients over the next 2-3 business days to request this information. CIMA has also advised that phases 2 and 3 will also include requesting further information about the Cayman Fund Manager. Crucially, CIMA has confirmed that the 3 phases will not complete before 1 July 2019.

CIMA has also confirmed that there will be no additional fee to be paid to CIMA in 2019 to cover the transition from “Excluded Person” status to full registration with CIMA.

(ii) Fit and Proper Persons - The shareholders, directors and senior officers of the Cayman Fund Manager must be fit and proper persons – unless these persons have been convicted of serious criminal offences or been sanctioned for breach of securities laws, this requirement should be fairly straightforward to meet.

(iii) Economic Substance – Each Cayman Fund Manager must maintain in the Cayman Islands such resources, including staff and premises, books and records as CIMA may consider appropriate, having regard to the nature and scale of its business – this is the Economic Substance requirement that will apply to Cayman Fund Managers and CIMA is still liaising with the Cayman Government on the exact the scope of this requirement. Further Guidance is expected by CIMA to be issued by the Cayman Government on economic substance as it relates Cayman Fund Managers within the next month and Cayman Fund Managers will not be penalized or sanctioned if they are not complying with the economic substance requirement by the original stipulated date of 1 July 2019.

Квалификация: Право, Юридические исследования, Составление юридических документов, Трудовое право, Бизнес-анализ

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