The Financial Action Task Force (FATF) has released a follow up report in regards to the Cayman Islands’ journey to enhance its AML compliance standards. The document states that the Cayman Islands has addressed “most of” the requirements of the revised Recommendation 15, and are now rated as Compliant or Largely Compliant. Financial institutions should regularly re-assess the financial crime risks prevalent in the jurisdictions in which they operate in, or use an independent tool like Plenitude Compass to inform their view of country risk.
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