The Cayman Islands Monetary Authority (‘CIMA’) has published its 2018 Edition of its Regulatory Handbook and its Appendices, as well as the latest editions of and amendments to guidance notes and Rules.
New Regulatory Handbook
Published in the Cayman Islands Gazette on 3 December 2018 is the new November 2018 edition of the Regulatory Handbook Volume 1 which replaces the August 2017 version. The Regulatory Handbook – Appendices 1 replaces the February 2017 version. CIMA’s Regulatory Handbook sets out the policies and procedures CIMA, its committees and officers must follow in performing CIMA’s regulatory and co-operative function and gives specific information on matters such as CIMA’s approach to supervision, supervisory returns and AML procedures.
Amendments to CIMA’s AML Guidance Notes
Amendments to CIMA’s December 2017 AML Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands were published on 3 December 2018 (although dated November 2018). We will address the changes in more detail in a later piece, but be aware that The Guidance Notes (Amendments) On the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands sees the following sections replaced or added:
- Part II s.2C para. 8 (on AML compliance officer’s delegation and natural persons) is replaces and new paras 9-14 on Reliance/Delegation – AML/CFT Functions;
- Part II s.4B para.s on principles to be applied in delegation paras 65 and 66 are replaced by a new para 65 and para 67 becomes a new para 66;
- Part II s.5 has a whole new para. D on simplified measures;
- Part II s.9B para.2 on Money Laundering Reporting Officers is replaced as is para 6 which is replaced by a new para 6 and 6A;
- PartVI s1 para G is replaced, the para.s on General, Mutual Funds and Mutual Funds Administrators.
Rules and Guidance on Assets and Liquidity
The following Rules and Guidelines were also published on 3 December 2018
- The Rule Management of Credit Risk and Problem Assets;
- The Rules and Guidelines – Liquidity Risk Management;
- The Statement of Guidance Credit Risk Classification, Provisioning and Management
CIMA Approved Stock Exchanges
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