ANTI-MONEY LAUNDERING DUE DILIGENCE REQUIREMENTS


The Cayman Islands, in keeping with recognised international standards designed to combat money laundering and terrorism, regulates all financial service providers.

Strict adherence to “Know Your Customer” regulations is essential to meet the challenges of an ever-changing world. In keeping with these procedures, clients will be required to provide identification documentation, proof of residence, source of funds information and reference letters from banks and reputable professionals. Depending on the nature and complexity of the transaction, additional information may be requested.

All service providers and financial institutions have varying degrees of compliance which must be met prior to accepting customers and/or clients.

This firm assists clients in meeting these requirements which, although they may appear somewhat onerous at first, are essential for the protection of institutions, clients and ourselves, as well as the public at large.

Guidance on these procedures is available from members of the firm, some of whom are members of the various committees and organisations which have been involved in the implementation of these various rules and procedures.

The various legislative institutions which regulate these procedures provide for very sever penalties in the form of fines and imprisonment for up to 14 years for persons who break the law and/or those who seek to use the financial industry for illegal purposes.

We have provided on this website an example of the type of information that is normally required- please click here to view it.