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The Guidance Notes Committee

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The Committee's Purpose

The Guidance Notes Committee (GNC) is the consultative body responsible for the review and updating of the Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands (GN). It is comprised of industry association representatives, government representatives and representatives from the Cayman Islands Monetary Authority.

Membership

The GNC comprises representatives from:

  • Cayman Islands Bankers Association;
  • Cayman Islands Law Society;
  • Cayman Islands Funds Administrators Association;
  • Cayman Islands Real Estate Brokers Association;
  • Cayman Islands Society of Professional Accountants;
  • Company Managers Association;
  • Cayman Islands Compliance Association;
  • Insurance Managers Association;
  • Society of Trust and Estate Practitioners;
  • Ministry of Financial Services;
  • Attorney General Chambers; and
  • Cayman Islands Monetary Authority.

Work and Powers of the GNC

The GN represent best practice for financial services providers and persons/entities conducting relevant financial business and assist in the interpretation and application of the Money Laundering Regulations (MLR) and any amendments thereto.

The GNC receives a number of questions on the GN, some of which highlight the need for additional clarification or development of the GN, for example: the acceptability of the delegation of due diligence functions for managed service providers. Following discussion by GNC this resulted in an addition to section 3.60 of the GN.

GNC is only mandated to make amendments to the GN, all changes to the Money Laundering Regulations must go through the normal legislative process. GNC has the power to recommend amendments to the law, these are reviewed by the Board of the Monetary Authority and where appropriate sent to the Financial Secretary for submission to Cabinet.

The GNC meets on a regular basis to discuss local and international issues that may impact on the GN.

 

 
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