Cayman Islands AML Officer Roles
Cayman Islands funds are required to appoint a Money Laundering Reporting Officer (“MLRO”), Deputy Money Laundering Reporting Officer (“DMLRO”) and Anti-Money Laundering Compliance Officer (“AMLCO”).
The AMLCO acts as the point of contact with the relevant authorities in the Cayman Islands and is responsible for ensuring compliance with the AML Regulations, including:
- Developing and maintaining AML systems and controls.
- Conducting regular audits of the AML programme.
- Maintaining relevant logs and reporting to the Board of Directors of the funds (or equivalent) on material compliance issues, AML systems and controls.
- Responding promptly to requests for information by the relevant authorities.
The MLRO acts as the point of contact for all suspicious activity reports and is required to report any suspicious activities to the relevant authorities in the Cayman Islands. The DMLRO acts as the alternative to the MLRO, and in the absence of the MLRO would discharge their duties.
Using certain administrators, INDOS is able to offer this delegated service model to clients of its depositary services.