The Cayman Islands Monetary Authority ("CIMA") is circulating its annual AML surveys1 in accordance with its duties under the Monetary Authority Act (As Revised) to conduct sectoral money laundering ("ML") / terrorist financing ("TF") / proliferation financing ("PF") and sanctions risk assessments and to ensure a riskbased approach to anti-money laundering ("AML") / counter financing of terrorism ("CFT") supervision of regulated financial service providers ("FSPs") in the Cayman Islands.
The AML surveys assist CIMA in the exercise of its functions, including the collection of AML / CFT / CPF and sanctions data from FSPs.
FSPs in each regulated sector (other than mutual funds and private funds) are required to complete the AML survey specific to that sector within the time period stipulated in the table below and in CIMA's reporting schedule2.
CIMA has distributed the AML surveys to the designated AML Compliance Officer ("AMLCO"), ML Reporting Officer ("MLRO"), registered office and 'principal contacts' of all such regulated FSPs in accordance with CIMA's records. The AML surveys can only be completed online by a relevant recipient accessing the link contained in CIMA's email. The majority of the questions are business-specific and / or factual. Accordingly, the AML surveys need to be completed primarily by, or with the input of, the appointed AMLCO for the FSP.
| Relevant Sector | Survey Issue Date | Survey Due Date |
|---|---|---|
| Securities: Full, Restricted, and Registered Persons | 1 June 2024 | 30 July 2024 |
| Virtual Asset Service Providers (completed) | 1 March 2024 | 30 April 2024 |
| Insurance: Class A, Class B, Class C, Agents, and Brokers | 1 August 2024 | 30 September 2024 |
| Fiduciary: Trust, Company Manager, Corporate Service Providers | 1 June 2024 | 30 July 2024 |
| Banking: Class A, Class B, Building Societies, Credit Union, Development Bank and Money Services Businesses | 1 May 2024 | 30 June 2024 |
| Investments: Mutual Fund Administrators | 1 June 2024 | 30 July 2024 |
Footnotes
1. Access the AML survey at: https://amlsurvey.cimaconnect.com
2. https://www.cima.ky/upimages/commonfiles/ReportingSchedul e2024_Final_1708376001.docx
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.