PSCP_AmendmentstoGuidanceNotesof5June2020-e-KYCupdates_1671216251_1679952037.pdf

Here are the key points summarized:

Background

• The Cayman Islands Monetary Authority (CIMA) proposes amendments to Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing, and Proliferation Financing.

Proposed Amendments

• e-KYC: electronic Know-Your-Customer
• Remote CDD/OM: remote customer due diligence and ongoing monitoring

Consultation Process

• Written comments and representations from private sector associations are sought
• Deadline for submissions: February 1, 2023, 1700hrs
• Comments must be addressed to the Managing Director of CIMA and copied to [[email protected]]
• A written response will be provided by CIMA, collating feedback received and the Authority's position on it.

Key Points

1. The proposed amendments aim to improve the prevention and detection of money laundering, terrorist financing, and proliferation financing.
2. e-KYC and Remote CDD/OM are key components of the proposed amendments.
3. Private sector associations are invited to provide written comments and representations on the proposed amendments.
4. A deadline has been set for submissions: February 1, 2023, 1700hrs.
5. The consultation process aims to gather feedback from private sector associations and industry stakeholders.

Please note that this summary is based on my understanding of the document and may not be exhaustive or entirely accurate.