Single Family Offices Asked to Participate in AML Consultation

Single family offices in the Cayman Islands are asked to give input – either via their trust and corporate services providers (TCSPs), or directly through the Ministry of Financial Services – into the Ministry’s consultation on additional anti-money laundering regulations.

The consultation, on the Anti-Money Laundering (Single Family Office) Regulations, 2019, will be open from Monday, 28 October to Monday, 4 November.

For TCSPs, the Ministry has requested that they share the draft regulations with clients who meet the Securities Investment Business Law’s definition of “single family office,” and then ask for the clients’ views. Single family offices can also contact their TCSPs regarding the consultation.

For single family offices that want to give input directly to the Ministry, please email dfslegislation@gov.ky to request the consultation document.

Single family offices already are subject to current anti-money laundering regulations. These additional regulations will facilitate their supervision by the Cayman Islands Monetary Authority (CIMA) for anti-money laundering and counter terrorist financing purposes. The regulations also will give CIMA data regarding single family offices in Cayman.

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