Bad actors are taking advantage of the way businesses cope with COVID-19. AML/CFT risks are no exception and the Cayman Islands Monetary Authority (CIMA) expects all AML/CFT regulated entities to continue to do their bit to remain compliant. CIMA recognises that operational compliance has its challenges right now with social distancing and curfews, and therefore issued an advisory on 21 April 2020 to help regulated entities maintain appropriate standards.
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Documents in electronic form are acceptable provided that the regulated entity takes a risk-based approach and has suitable documented policies and procedures in place to ensure the authenticity of the electronic document(s).
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