CIMA says AML forms not accessible through REEFS as of Aug 22, 2022 Loop Cayman Islands

AML, Inherent Risk, AML Risk Controls and Cash Flow Return forms will be combined into one annual survey

The Cayman Islands Monetary Authority (the “Authority”) advises all regulated financial service providers (“FSPs”) that the anti-money laundering (“AML”) Inherent Risk (“AIR”), the AML Risk Controls (“ARC”) and the Cash Flow Return (“CFR”) forms will be combined into one annual form – the AML Survey. In connection with this, as of August 22, 2022, all current AIR, ARC, and CFR forms will no longer be accessible via the Authority’s Regulatory Enhanced Electronic Forms Submission (“REEFS”) portal or referenced on the Authority’s website. (With the exception of the guidance notes for the completion of CFRs, the AIR and ARC guidance notes are no longer available on the Authority’s website.)

According to the CIMA notice, the AML Survey is issued in accordance with section 6(b)(ii) of the Monetary Authority Act, to assist the Authority in the exercise of its functions, including the collection of AML/CFT/CPF and Sanctions data from FSPs to conduct sectoral ML/TF/PF and Sanctions risk assessments and other related research for the Cayman Islands. The AML Survey will further improve the Authority’s data collection and online filing and will be distributed via e-mail using a new software, STRIX DCM.

The AML Survey will be shared with the email contact(s) listed by FSPs with the Authority. Specific guidance notes on how to complete the AML Survey will be available herein advance of the survey dates below:

Survey issue and due datesSectorSurvey Issue DateSurvey Due DateSecurities: Full, Restricted and Registered PersonsSeptember 12, 2022October 7, 2022Virtual Asset Service ProvidersSeptember 12, 2022October 7, 2022Insurance RFB Self-Declaration, Class A, Class B and Class C Agents and BrokersSeptember 19, 2022September 30, 2022Fiduciary: Trust, Company Manager, Corporate Service ProvidersSeptember 19, 2022October 14, 2022Banking: Class A, Class B, Building Societies, Credit Union, Development Bank and Money Services BusinessesSeptember 26, 2022October 21, 2022Investments: Mutual Fund AdministratorsSeptember 26, 2022October 21, 2022

Note: Insurance entities will first receive the ‘RFB Self Declaration’ survey to assess whether they conduct relevant financial business. Only those entities that have indicated that they conduct relevant financial business will receive the AML Survey on 26 September 2022 and will be expected to complete within 30 days.

Additionally, surveys specifically for VASP Travel Rule reporting and Banking Cash Flow Return will be distributed through STRIX DCM at the end of each calendar quarter, commencing with the first surveys to be issued on 30 September 2022. These will be due to the Authority 30 days thereafter.

For any questions or concerns, or to verify your email contact(s), please email AMLsurveys@cima.ky

(Source: CIMA)

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