Thursday, April 22, 2021

Cayman Islands: New anti-money laundering regulations come into force May 1


The Department of Commerce & Investment is introducing four new board policies as part of effective anti-money laundering regulation. The department oversees designated non-financial businesses and professions, which include real estate agents and precious metal dealers.

The policies come into force on Monday, May 1, 2019.

The policy changes affect money-lending businesses such as payday loan providers, who must now submit proof of their source of funds when making an application for a business licence.

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The applications of money-lending, real estate and precious metals businesses will be subject to simplified due diligence by the DCI Compliance and Enforcement Unit before the DCI board reviews them.

The licensing period for developers making applications under the Local Companies Control Law is reduced to five years. Developers seeking a longer licensing period will be required to resubmit new applications, including updated information about the status of the project.

The DCI said the policy change aims to guard against developments being left incomplete, or delayed excessively, and the negative impacts this may have on investors and the Cayman Islands’ realty market.

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