Our purpose is to ensure a high standard of AML compliance across the legal sector within the Cayman Islands. By doing so, CARA will also assist the Cayman Islands in meeting its international obligations.
CARA’s Supervision Department aims to assist firms in implementing a high standard of AML compliance, with the most clear and serious breaches being referred to the Enforcement Department.
Whilst we set the standards by which firms of attorneys-at-law operate in relation to Anti-Money Laundering, it is not a substitute for robust governance. Firms are expected to develop a culture of responsibility to identify risk, or potential risk, and take steps to mitigate.
CARA acts in the public interest and works with attorney firms to help strengthen public confidence in the profession, both locally and internationally, by ensuring firms identify AML risks and mitigate appropriately.