Regulations 22(d)(ii); 22(d)(iii); and 23(1) of the Anti-Money Laundering Regulations, 2017 allow persons conducting relevant financial business from or within the Cayman Islands to place reliance on AML/CFT legislation of specified countries for simplified customer due diligence. Such list of countries is issued by the Anti-Money Laundering Steering Group pursuant to section 5(2) of the Proceeds of Crime Law and repeals the “Schedule 3” list of countries per the former Money Laundering Regulations (2015 Revision).
The current list and explanatory note as issued by the Anti-Money Laundering Steering Group can be found on the Portfolio of Legal Affairs website: www.pola.gov.ky. The list has been replicated below for ease of reference by interested stakeholders and persons conducting relevant financial business.
List of Countries and Territories deemed to have equivalent legislation pursuant to regulations 22(d)(ii) & (iii) and 23(1) of the Anti-Money Laundering Regulations, 2017
|Australia||Isle of Man|
|British Virgin Islands||Netherland|
|Denmark||People’s Republic of China|
|Guernsey||United Arab Emirates|
|Hong Kong||United Kingdom|
|Iceland||United States of America|