- Entity formation
- Entity management
- M&A transaction support
- Private capital & hedge fund core services
- Private capital
- Hedge fund
- Technology solutions
- Other funds services
- SPV corporate services
- Agency services
- Loan administration
- Cross capital market services
- Structures implementation and management
- Private client services
- Reporting services
Explore content
Show all >Featured articles and media

Insights | Corporate Client Services
Voluntary carbon credits bolster green bonds
25 May 2023
Read >
Featured articles and media
Show all media for Private Capital & Hedge Fund Services >Featured articles and media
Show all media for Capital Markets >Featured articles and media
Show all media for Private Clients >Featured events

Events | Virtual
Bankruptcy and Restructuring: Navigating Distress in the Evolving Markets
22 Jun 2023
Learn more >
Events | Virtual
Private Funds Industry Live, Expanding Private Funds in Global Markets
10 Jan 2023
Watch the recording >
Events | Virtual
Private Funds Industry Live, Demystifying Private Capital Funds
6 Dec 2022
Watch the recording >- Home
- Our services
- Corporate Client Services
- Entity formation
- Entity management
- M&A transaction support
- Private Capital & Hedge Fund Services
- Private capital & hedge fund core services
- Private capital
- Hedge fund
- Technology solutions
- Other funds services
- Capital Markets
- SPV corporate services
- Agency services
- Loan administration
- Cross capital market services
- Private Clients
- Structures implementation and management
- Private client services
- Reporting services
- Corporate Client Services
- Our locations
- About us
- News & Insights
- Login
Four questions to ask when choosing an AMLCO/MLRO for your Cayman entity
23 July 2020
Appointing an Anti-Money Laundering Compliance Officer (AMLCO) and Money Laundering Reporting Officer (MLRO)/Deputy Money Laundering Reporting Officer (DMLRO) is essential for remaining compliant with the ever-updating Cayman Islands Anti-Money Laundering Regulations (AMLRs). However, not all AMLCO/MLROs are created equally. When selecting the right fit for your entity there are some basic, but often overlooked, things you should consider.
Think about your board
Ask this simple question with your board in mind: does this officer have the requisite skills and qualifications to make sound recommendations that the board will act upon with confidence? What qualifications and experiences set them apart? A board will expect AMLCOs to have Know Your Client (KYC), Anti-Money Laundering (AML) and regulatory compliance experience. Additional compliance certifications, such as a certification from the Association of Certified Anti-Money Laundering Specialists, are helpful in establishing credibility. Confirm whether the officer has practical experience, like drafting Suspicious Activity Reports (SARS) or liaising with regulators and other authorities.
How will your officer remain abreast of the avalanche of AML regulatory developments?
In addition to an astute and informed officer, look into the compliance infrastructure of the service provider itself. Does the service provider offer consistent and timely updates on regulations and on key amendments to regulations and guidance notes? Consider if the team of experts has access to various AML-specific journals and attend events sponsored by, for example, the Association of Certified Anti-Money Laundering Specialists.
How will the officer work in concert with the fund manager and staff?
Outsourcing some or all appointments should be considered and the officer may suggest a soft audit. This consists of reviewing the efforts to date and providing the directors and the manager with a report detailing any deficiencies identified. The directors should determine whether they have the capacity, resources, and requisite experience in-house to exercise the relevant functions. An AMLCO’s statutory duties include ensuring the AML regulations are adopted by the fund and to function as the point of contact with competent authorities such as CIMA and the FRA.
Ask about Covid-19
Right now, fund managers should be in contact with all engaged service providers to ensure there are no delays in the ability to report suspicious activity and target matches on a sanctions list to the MLRO/DMLRO.
During these unprecedented times, the fund and its providers must remain alert due to the increased risk of fraudulent transactions and the distribution of malware used to impersonate government agencies, banking institutions and the like. Appropriate and diligent handling of Covid-19 now demonstrates your AMLCO/MLRO can handle other challenging situations down the line.
Our AML experts are here to help navigate all questions and considerations in choosing the right officer for your funds. Get in touch with our dedicated experts.