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The Legal Services Supervisory Authority has begun its registration process for all law firms operating in the Cayman Islands, in its capacity as the Anti-Money Laundering, Counter Financing of Terrorism, andCounter Proliferation Financing supervisory authority for the legal sector. Local legislation requires all attorneys-at-law, including sole practitioners that are designated DNFBPs to register with this new authority whether they are conducting relevant financial business or not by 31 December. Officials from the new authority said that registration is a mandatory requirement, forming part of the jurisdiction’s wider AML/CFT/CPF framework aimed at maintaining the Cayman Islands’ high standards of professional and regulatory integrity. Failure to register constitutes a breach of the AMLRs and may result in enforcement action. “We appreciate your prompt attention to this important regulatory requirement and your continuedcooperation in upholding the standards of the Cayman Islands legal profession,” officials told local attorneys in a release. For details on how to complete the registration process visit Caymanlssa.ky/how-to-register for more information or queries on the registration process, please contact supervision@caymanlssa.ky.
