Compliance

Regulatory Inspection Remediation. KSG Risk Solutions can assist you with the remediation of issues raised during a CIMA, or other regulatory, inspection. These remediation projects can be time-consuming: our services will allow you to comply with the remediation requirements while not having to re-allocate staff from their ongoing duties. We can develop a remediation plan and ensure that the requirements in it are met.

Financial services providers must ensure that regular, periodic AML Audits are performed to ensure that they continue to adhere to the applicable Anti-Money Laundering laws, regulations and guidance. KSG Risk Solutions can work with you to design an audit plan and perform the appropriate testing of your compliance with these requirements. With extensive experience and knowledge of Trusts, Corporate Services, Banking, Insurance, Fund Administration and Insurance we are well placed to understand your business model and your AML/CFT/CPF/TFS risks, and to prepare a suitable audit plan.

The laws, regulations and guidance on money laundering and regulatory compliance are constantly evolving. KSG Risk Solutions can assist you with enhancements to your existing policies and procedures documents to ensure that you remain compliant.

Outsourced Anti-Money Laundering Compliance Officer (“AMLCO”). Regulated financial services providers in the Cayman Islands, as well as funds in the jurisdiction, need to appoint a natural person with sufficient experience to perform the AMLCO role for the firm or fund. The AMLCO is responsible for key regulatory tasks, such as: ensuring that policies and procedures are kept up to date following changes to laws and regulations; ensuring that the compliance function within the entity or fund maintains appropriate systems and controls; reporting to the Board; and, responding to requests for information by competent authorities.

KSG Risk Solutions can provide an experienced person to fulfil this role or alternatively, can assist you in identifying a suitable person from within your organization, and train that person to allow them to fulfil the role.

Outsourced Money-Laundering Reporting Officer (“MLRO”) / Deputy MLRO (“DMLRO”). Every financial services provider must designate a suitably qualified and experienced person as MLRO, as well as a Deputy MLRO (who must be of similar status and experience to the MLRO). These people should have a good understanding of the types of transactions which the provider handles and should be fully conversant with the associated AML/CFT/CPF/TFS risks.

The roles of MLRO and Deputy MLRO can be outsourced, should a provider not have appropriately qualified staff, and KSG Risk Solutions can assist with this.

KSG Risk Solutions provide robust advice and drafting in the full range of regulatory fields: from FATCA/CRS through Economic Substance, Data Protection and AML. We are advising an increasing number of Virtual Asset Service Providers. 

Our Partner, Hugo Lodge, is an experienced trainer who is a published academic author with Oxford University and as an examiner for the UK Bar Standards Board. Hugo provides accessible and engaging training sessions, remotely and in person. Each training sessions ends with a short test. Contact us today for a bespoke agenda and quote.

In the ordinary cycle of international scrutiny by FATF, the Cayman Islands has been asked to make changes in three areas as a jurisdiction. None of these should automatically have a detrimental effect on the business risk assessment (BRA) of your Cayman entity. We can draft a bespoke BRA for your business. Our Partner has provided more than one hundred risk assessments to his Fund, Trust and Bank clients in the last two years.