A number of significant changes to the anti-money laundering regime applicable to Cayman Islands investment funds were introduced towards the end of 2017. The key changes are:
• Unregulated investment funds will be subject to the Anti- Money Laundering Regulations, 2017 (as amended, the “AML Regulations”) from 31 May 2018
• The Cayman Islands Monetary Authority (“CIMA”) has significantly enhanced powers to impose administrative penalties of up to CI$1,000,000 (US$1,200,000) for breaches of the AML Regulations