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The notes emphasize compatibility with international AML/CFT standards, reference relevant Cayman Islands legislation under the Monetary Authority Act and Anti-Money Laundering Regulations, and explain supervisory enforcement expectations. Content is framed to support integrity of the financial sector and practical implementation through risk-based approaches, compliance programmes, due diligence, and ongoing controls.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/research-report/","Research & Report",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/document/guidance-notes-on-the-prevention-and-detection-of-money-laundering-terrorist-financing-and-proliferation-financing-february-2024-issued-by-the-cayman-islands-monetary-authority/296396/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/guidance-notes-on-the-prevention-and-detection-of-money-laundering-terrorist-financing-and-proliferation-financing-february-2024-issued-by-the-cayman-islands-monetary-authority/296396.png","ImageObject",300,407,{"name":42,"@type":43},"Valentina","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-11-06","2026-09-18",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",23,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"What does the February 2024 Guidance Notes establish for Financial Service Providers in the Cayman Islands?","Question",{"text":63,"@type":64},"They establish minimum requirements, plus general guidance, for Financial Service Providers to prevent and detect money laundering, terrorist financing, and proliferation financing.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"Does the document function as a source of law?",{"text":68,"@type":64},"No. The Guidance Notes provide requirements and general guidance and should not be relied on as a source of law; 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and related amendments.  \nThis document is intended to establish the minimum requirements in addition to providing general guidance to Financial Service Providers (“FSPs”) . It should therefore, not be relied upon as a source of law. Reference for that purpose should be made to the appropriate statutory provisions. However, FSPs should be aware of the enforcement powers of the Supervisory Authorities under the Anti-Money Laundering Regulations (2020 Revision) (as amended) (“AMLRs”) as they relate to supervisory or regulatory guidance.  \nContact:  \nCayman Islands Monetary Authority  \nSIX, Cricket Square  \nP.O. Box 10052  \nGrand Cayman KY1-1001  \nCayman Islands  \nTel:345-949-7089  \n[Website: www.cima.ky](Website: www.cima.ky)  \nFax: 345-945-6131  \nEmail: [ContactAMLCFT@cima.ky](ContactAMLCFT@cima.ky)  \nFOREWORD  \nThe Cayman Islands, being one of the leading international financial centres, has framed its regulatory system around international standards of supervision and co-operation with overseas regulatory authorities in the fight against financial crime. The Islands seek to maintain their position as a premier jurisdiction, while at the same time ensuring that their institutions can operate in a competitive manner.  \nThe Cayman Islands Monetary Authority (“Monetary Authority”) is particularly aware of the global nature of the fight against money laundering, terrorist financing and other financial crime, and the consequent need for all jurisdictions to operate their Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) and regulatory regimes co-operatively and compatibly with each other. This is both to limit opportunities for \"regulatory arbitrage\"by criminals and to promote an internationally level playing field for legitimate businesses.  \nThese Guidance Notes establish the requirements and provide guidelines that should be adopted by FSPs in order to maintain the integrity of the Cayman Islands’ financial sector in respect of preventing and combating money laundering (“ML”), terrorist financing (“TF”) and proliferation financing (“PF”)  \nThe Guidance Notes are based on the AML/CFT legislation of the Cayman Islands and reflect, so far as applicable, the 40 Recommendations and guidance papers issued by the Financial Action Task Force (“FATF”) .  \nThe Monetary Authority stands ready to discuss individual cases with FSPs to assist in the practical implementation of these Guidance Notes. We hope that you find the enclosed content of assistance.  \nCindy Scotland  \nManaging Director  \nFOREWORD ............................................................................................................ 3  \nPART I .................................................................................................................... 7  \nSCOPE AND GENERAL MATTERS .............................................................................. 8  \nCAYMAN ISLANDS LEGISLATIVE AND REGULATORY FRAMEWORK .........................17  \nPART II .................................................................................................................21  \nGENERAL MATTERS ................................................................................................22  \nCOMPLIANCE PROGRAMME, SYSTEMS AND TRAINING OBLIGATIONS ....................23  \nASSESSING RISK AND APPLYING A RISK BAS","cbCairWLmAvNZ7AK","https://ap.wps.com/l/cbCairWLmAvNZ7AK","pdf",3550596,245,"English","# FOREWORD\n# PART I - SCOPE AND GENERAL MATTERS\n## CAYMAN ISLANDS LEGISLATIVE AND REGULATORY FRAMEWORK\n# PART II - GENERAL MATTERS\n## COMPLIANCE PROGRAMME, SYSTEMS AND TRAINING OBLIGATIONS\n## ASSESSING RISK AND APPLYING A RISK BASED APPROACH\n## CUSTOMER DUE DILIGENCE\n## SIMPLIFIED DUE DILIGENCE MEASURES\n## ENHANCED CDD MEASURES (EDD)\n## POLITICALLY EXPOSED PERSONS\n## RECORD-KEEPING PROCEDURES\n## MONEY LAUNDERING REPORTING OFFICER\n## OTHER INTERNAL CONTROLS\n## IDENTIFICATION AND RECORD-KEEPING REQUIREMENTS RELATING TO WIRE TRANSFERS\n## CORRESPONDENT BANKS\n## SANCTIONS COMPLIANCE\n## COUNTER PROLIFERATION FINANCING\n## TARGETED FINANCIAL SANCTIONS\n## ONGOING MONITORING\n# PART III - SECTOR SPECIFIC GUIDANCE","[{\"question\":\"What does the February 2024 Guidance Notes establish for Financial Service Providers in the Cayman Islands?\",\"answer\":\"They establish minimum requirements, plus general guidance, for Financial Service Providers to prevent and detect money laundering, terrorist financing, and proliferation financing.\"},{\"question\":\"Does the document function as a source of law?\",\"answer\":\"No. The Guidance Notes provide requirements and general guidance and should not be relied on as a source of law; relevant statutory provisions should be consulted.\"},{\"question\":\"On what international and local frameworks are the Guidance Notes based?\",\"answer\":\"The notes are based on Cayman Islands AML/CFT legislation and reflect, where applicable, the FATF’s 40 Recommendations and related guidance papers.\"}]","GUIDANCE NOTES ON THE PREVENTION AND DETECTION OF MONEY LAUNDERING, TERRORIST FINANCING AND PROLIFERATION FINANCING - February 2024 - Issued by the Cayman Islands Monetary Authority | PDF",617]