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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).


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.