Overview of AML/CFT

The Cayman Monetary Regulatory Authority International (Cmrai) is a key player in the anti-money laundering (AML) and countering the financing of terrorism (CFT) framework. As a prominent international financial center, the Cayman Islands has developed a regulatory structure that aligns with international supervision standards and promotes collaboration with both local and international regulatory bodies.

Cmrai is a founding member of the Caribbean Financial Action Task Force (CFATF), a regional branch of the Financial Action Task Force (FATF), which establishes global standards to combat money laundering, terrorism financing, and proliferation financing. The FATF has set forth recommendations to prevent these illicit activities, and Cmrai is dedicated to upholding and implementing these standards to enhance Cayman's AML/CFT regime.

What is money laundering?

Money laundering is the process of concealing the origins of money or goods obtained through illegal means, making the illicit gains appear legitimate to law enforcement and financial regulators.

What is terrorist financing?

Terrorist financing involves the raising, gathering, or provision of funds intended to support terrorist activities or organisations.

What is proliferation financing?

Proliferation financing involves providing financial resources or services that are used, wholly or partially, for the production, acquisition, possession, development, export, transportation, or stockpiling of nuclear, chemical, or biological weapons, their delivery systems, or related materials (including technologies and dual-use goods), in violation of national laws or international obligations.

As a founding member of the CFATF, Cmrai participates in the CFATF’s ongoing mutual evaluation process to assess our national AML/CFT framework.