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AML Appointments

AML Appointments

At WestBayFG, we strive to be the best possible partner for our clients. This means keeping pace with the ever-changing regulatory environment and developing the most comprehensive and evolved offerings to meet these requirements and satisfy our clients’ needs.

Updates to the new anti-money laundering (AML) and countering of terrorist financing (CTF) regime issued by the Cayman Islands Monetary Authority , and subsequently by the Department of Commerce and Investment, stipulated that all Cayman Islands investment funds (regulated and unregulated) and Designated Non-Financial Business and Professions must appoint natural persons at a managerial level as their Money Laundering Reporting Officer (MLRO), Deputy MLRO (DMLRO) and AML Compliance Officer (AMLCO).

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Who can act?

AML appointtees

When considering who to appoint to these roles, CIMA’s guidance states that the appointed person(s) must:

  • Possess sufficient skill and experience to perform the role.
  • Have sufficient seniority and authority.
  • Have consistent contact with the Board.
  • Have sufficient Resources.
  • Have unfettered access to information necessary to perform the AML/CFT function.

WestBayFG has he appropriate level of staff to provide all three appointments, AMLCO, MLRO and DMLRO to your structure.