Walkers Partner Outlines the Steps Cayman Funds Should Take Now to Comply With New Requirement to Appoint AML Officers

The September 30, 2018, deadline for funds formed in the Cayman Islands to comply with the new requirement to designate natural persons as anti-money laundering (AML) officers is rapidly approaching. What steps do Cayman funds need to take to comply with this new requirement? In a recent interview with the Hedge Fund Law Report, Walkers partner Lucy Frew discussed the new requirement arising from the Cayman Islands Anti-Money Laundering Regulations (2018 Revision) to designate AML officers, practical considerations for deciding whom to appoint to serve in these roles and steps that funds should take to ensure they comply with this requirement. See our two-part series “CIMA Regulator Discusses Key Issues for Advisers That Manage Cayman Funds”: AML, Fund Governance and the Cayman LLC (Sep. 7, 2017); and AIFMD Marketing Passport, Whistleblowers and Administrative Fines Regime (Sep. 21, 2017). For additional insight from Walkers attorneys, see “Annual Walkers Fundamentals Seminar Highlights Trends in Investor Sentiment, Governance, Side Letters, Fund Structures, Investment Vehicles and Restructurings” (Jan. 11, 2018).

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