Cayman Islands Anti-Money Laundering Regulatory Update - February 2018

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The recent revisions to the anti-money laundering laws particularly impact all persons carrying out a “relevant financial business” (“RFB”) as defined under the Proceeds of Crime Law (2017 Revision) (the “Law”). An important change in the Law is the expansion of the definition of RFB to include two new categories of activity: (1) “otherwise investing, administering or managing funds or money on behalf of other persons” (which would include, for example, venture capital and private equity funds); and (2) “underwriting and placement of life insurance and other investment related insurance”. Click here for more.