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Step 1 of 8 – Practice Details
Please complete and submit this Anti-Money Laundering (“AML”), Counter Terrorism Financing (“CTF”), Counter Proliferation Financing (“CPF”) and Targeted Financial Sanctions (“TFS”) Return (collectively referred to as “AML Return”) in accordance with the requirement under the Anti-Money Laundering Regulations (2020 Revision) (“AMLRs”) of the Cayman Islands to produce information to the Supervisory Authority, Cayman Attorneys Regulation Authority (“CARA”), specific to AMLR 55E (2) (h).
All attorney-at-law firms (including sole practitioners) conducting ‘relevant financial business’ (“RFB”), as defined in Schedule 6 of the Proceeds of Crime Law (2020 Revision) (“POCL”) of the Cayman Islands, must complete an AML Return on an annual basis and submit it to CARA by the deadline stated.
If any of the following apply to you or your firm, you will not need to submit an AML Return:
The AML Return solicits information about the ‘relevant financial business’ that you or your Firm conducted in the Relevant Period.
i. assess inherent money laundering (“ML”), terrorism finance (“TF”), proliferation finance (“PF”) and sanctions risks both within individual supervised firms/sole practitioners and across the supervised legal sector. The results of any analysis inform our risk-based approach to supervision and monitoring, and ensure we apply our resources commensurate with risks posed;
ii. obtain data for both regulatory reporting and for national and sectoral risk assessment purposes;
iii. determine if firms and sole practitioners need any extra assistance in meeting their AML compliance obligations; and
iv. improve and direct our guidance and outreach to firms and sole practitioners.
Please complete and submit this AML Return on or before Tuesday 17 May 2022.
Please do not return paper copies as submissions. All submissions must be made electronically via our website.
Should you fail to submit an AML Return by the deadline stated and we give you formal written notice such that you are required to submit a Return (under Regulation 53(A)), you may be fined.
It is also an offence to give false or misleading information in your AML Return (or to contravene the AMLRs, see Regulation 56).
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