{"kind":"expression","expression":{"expr_id":"2041","doc_id":"2041","label":"Pharmacy Act, 2024","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/amending\/2024\/8\/eng@2024-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/amending\/2024\/8\", \"expression\": \"\/akn\/ky\/act\/amending\/2024\/8\/eng@2024-01-01\", \"manifestation\": \"\/akn\/ky\/act\/amending\/2024\/8\/eng@2024-01-01.pdf\"}, \"pdf\": {\"md5\": \"6ffd103ea160907de6f980543db4e961\", \"path\": \"\/Users\/q\/kyleg-data\/working\/AMENDING\/2024\/2024-0008\/2024-0008.pdf\", \"pages\": 18, \"filename\": \"2024-0008.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 4883, \"paragraph_count\": 36, \"text_char_count\": 33921}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Proceeds of Crime Act (2024 Revision) ANTI-MONEY LAUNDERING (AMENDMENT) REGULATIONS, 2024 (SL 8 of 2024) SL 8 of 2024 PUBLISHING DETAILS Anti-Money Laundering (Amendment) Regulations, 2024 Arrangement of Regulations SL 8 of 2024 Proceeds of Crime Act (2024 Revision) ANTI-MONEY LAUNDERING (AMENDMENT) REGULATIONS, 2024 (SL 8 of 2024) Arrangement of Regulations Regulation 1.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"General amendments to the Anti-Money Laundering Regulations (2023 Revision) - 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Amendment of regulation 24 - identification procedures - transactions on behalf of 18. 19.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Arrangement of Regulations Anti-Money Laundering (Amendment) Regulations, 2024 SL 8 of 2024 21. 22. 23.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Amendment of Part XIA - disclosure requirements for persons carrying out relevant\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Amendment of regulation 53A - duty of a person carrying out relevant financial business 26. 27. 28. 29. 30. 31. 32. 33.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Amendment of regulation 57 - offences by bodies corporate, partnerships and\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"Anti-Money Laundering (Amendment) Regulations, 2024 Regulation 1 SL 8 of 2024 Proceeds of Crime Act (2024 Revision) ANTI-MONEY LAUNDERING (AMENDMENT) REGULATIONS, 2024 (SL 8 of 2024) In exercise of the powers conferred by section 145 of the Proceeds of Crime Act (2024 Revision), the Cabinet, on the recommendation of the Anti-Money Laundering Steering Group, the Monetary Authority and the Financial Reporting Authority, makes the following Regulations \u2014\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation 1. These Regulations may be cited as the Anti-Money Laundering (Amendment) Regulations, 2024. 2. General amendments to the Anti-Money Laundering Regulations (2023 Revision) - references to Parts 2. The Anti-Money Laundering Regulations (2023 Revision), in these Regulations referred to as the \u201cprincipal Regulations\u201d, are amended as follows \u2014 (a) by deleting the words \u201cPART I\u201d and \u201cPart I\u201d wherever they appear and substituting the words \u201cPART 1\u201d and \u201cPart 1\u201d, respectively; (b) by deleting the words \u201cPART II\u201d and \u201cPart II\u201d wherever they appear and substituting the words \u201cPART 2\u201d and \u201cPart 2\u201d, respectively; (c) by deleting the words \u201cPART III\u201d and \u201cPart III\u201d wherever they appear and substituting the words \u201cPART 3\u201d and \u201cPart 3\u201d, respectively; Regulation 3 Anti-Money Laundering (Amendment) Regulations, 2024 SL 8 of 2024 (d) by deleting the words \u201cPART IV\u201d and \u201cPart IV\u201d wherever they appear and substituting the words \u201cPART 4\u201d and \u201cPart 4\u201d, respectively; (e) by deleting the words \u201cPART V\u201d and \u201cPart V\u201d wherever they appear and substituting the words \u201cPART 5\u201d and \u201cPart 5\u201d, respectively; (f) by deleting the words \u201cPART VI\u201d and \u201cPart VI\u201d wherever they appear and substituting the words \u201cPART 6\u201d and \u201cPart 6\u201d, respectively; (g) by deleting the words \u201cPART VII\u201d and \u201cPart VII\u201d wherever they appear and substituting the words \u201cPART 7\u201d and \u201cPart 7\u201d, respectively; (h) by deleting the words \u201cPART VIII\u201d and \u201cPart VIII\u201d wherever they appear and substituting the words \u201cPART 8\u201d and \u201cPart 8\u201d, respectively; (i) by deleting the words \u201cPART IX\u201d and \u201cPart IX\u201d wherever they appear and substituting the words \u201cPART 9\u201d and \u201cPart 9\u201d, respectively; (j) by deleting the words \u201cPART X\u201d and \u201cPart X\u201d wherever they appear and substituting the words \u201cPART 10\u201d and \u201cPart 10\u201d, respectively; (k) by deleting the words \u201cPART XA\u201d and \u201cPart XA\u201d wherever they appear and substituting the words \u201cPART 10A\u201d and \u201cPart 10A\u201d, respectively; (l) by deleting the words \u201cPART XI\u201d and \u201cPart XI\u201d wherever they appear and substituting the words \u201cPART 11\u201d and \u201cPart 11\u201d, respectively\u201d; (m) by deleting the words \u201cPART XIB\u201d and \u201cPart XIB\u201d wherever they appear and substituting the words \u201cPART 11B\u201d and \u201cPart 11B\u201d, respectively\u201d; (n) by deleting the words \u201cPART XII\u201d and \u201cPart XII\u201d wherever they appear and substituting the words \u201cPART 12\u201d and \u201cPart 12\u201d, respectively; (o) by deleting the words \u201cPART XIIA\u201d and \u201cPart XIIA\u201d wherever they appear and substituting the words \u201cPART 12A\u201d and \u201cPart 12A\u201d, respectively; and (p) by deleting the words \u201cPART XIII\u201d and \u201cPart XIII\u201d wherever they appear and substituting the words \u201cPART 13\u201d and \u201cPart 13\u201d, respectively.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of regulation 2 - definitions 3. The principal Regulations are amended in regulation 2(1) as follows \u2014 (a) by deleting the definition of the words \u201ccompetent authority\u201d or \u201ccompetent authorities\u201d and substituting the following definition \u2014 \u201c \u201ccompetent authority\u201d means a public body in the Islands charged with responsibility for combating money laundering, terrorist financing and proliferation financing including \u2014 (a) the Financial Reporting Authority and any authority charged with the responsibility for investigating and prosecuting money laundering, associated predicate offences, terrorist financing Anti-Money Laundering (Amendment) Regulations, 2024 Regulation 4 SL 8 of 2024 and proliferation financing, and seizing or freezing and confiscating criminal assets; (b) any authority receiving reports on cross-border transportation of currency and bearer negotiable instruments; and (c) any authority having anti-money laundering, counter terrorist financing or counter proliferation financing supervisory or monitoring responsibility aimed at ensuring compliance by a relevant financial business with anti-money laundering, counter terrorist financing or counter proliferation financing requirements;\u201d; (b) in the definition of the words \u201cFinancial Action Task Force\u201d by deleting the words \u201cand terrorist financing\u201d and substituting the words \u201c, terrorist financing and proliferation financing\u201d; (c) in the definition of the words \u201cfinancial group\u201d by inserting after the word \u201claundering\u201d the words \u201c, counter terrorist financing and counter proliferation financing\u201d; and (d) by inserting after the definition of the word \u201cproliferation\u201d the following definition \u2014 \u201c \u201cproliferation financing risk\u201d means the potential breach, nonimplementation or evasion of targeted financial sanctions obligations related to proliferation financing that are imposed or applied by United Nations Security Council Resolutions;\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of regulation 5 - systems and training to prevent money laundering 4. The principal Regulations are amended in regulation 5 as follows \u2014 (a) by repealing the regulation heading and substituting the following regulation heading \u2014 \u201cSystems and training to prevent money laundering, terrorist financing and proliferation financing\u201d; (b) in subparagraph (a), by deleting the words \u201cmoney laundering and terrorist financing risks\u201d and substituting the words \u201cmoney laundering risks, terrorist financing risks and proliferation financing risks\u201d; and (c) in subparagraph (b), by deleting the words \u201cParts IV and VIII\u201d and substituting the words \u201cParts 4 and 8\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of regulation 6 - group-wide programmes 5. The principal Regulations are amended in regulation 6(1) as follows \u2014 Regulation 6 Anti-Money Laundering (Amendment) Regulations, 2024 SL 8 of 2024 (a) in the chapeau, by deleting the words \u201cagainst money laundering and terrorist financing\u201d and substituting the words \u201cagainst money laundering, terrorist financing and proliferation financing\u201d; (b) in subparagraph (b) by deleting the words \u201cmoney laundering and terrorist financing risk management\u201d and substituting the words \u201cthe managing of money laundering risks, terrorist financing risks and proliferation financing risks\u201d; and (c) by repealing subparagraph (c) and substituting the following subparagraph \u2014 \u201c(c) group-level compliance, audit, anti-money laundering, counter terrorist financing and counter proliferation financing functions being provided with customer, account and transaction information from branches and subsidiaries when necessary for anti-money laundering, counter terrorist financing or counter proliferation financing purposes, including information and analysis, if analysis was done, of transactions or activities which appear unusual; and\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of regulation 7 - application of measures extraterritorially 6. The principal Regulations are amended in regulation 7 as follows \u2014 (a) in paragraph (1) as follows \u2014 (i) by deleting the words \u201cor counter terrorist financing measures\u201d and substituting the words \u201c, counter terrorist financing and counter proliferation financing measures\u201d; and (ii) by deleting the words \u201cor counter terrorist financing requirements\u201d and substituting the words \u201c, counter terrorist financing and counter proliferation financing requirements\u201d; and (b) in paragraph (2) as follows \u2014 (i) in the chapeau, by deleting the words \u201cor counter terrorist financing measures\u201d and substituting the words \u201c, counter terrorist financing and counter proliferation financing measures\u201d; (ii) in subparagraph (a), by deleting the words \u201cmoney laundering or terrorist financing risks\u201d and substituting the words \u201cmoney laundering risks, terrorist financing risks and proliferation financing risks\u201d; and (iii) in subparagraph (b), by deleting the words \u201cor counter terrorist financing measures\u201d and substituting the words \u201c, counter terrorist financing and counter proliferation financing measures\u201d.. Anti-Money Laundering (Amendment) Regulations, 2024 Regulation 7 SL 8 of 2024\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Repeal and substitution of regulation 8 - assessment of risk 7. The principal Regulations are amended by repealing regulation 8 and substituting the following regulation \u2014 \u201cAssessment of risk\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"(1) A person carrying out relevant financial business shall take steps appropriate to the nature and size of the business to identify, assess and understand its money laundering risks, terrorist financing risks and proliferation financing risks in relation to \u2014 (a) a customer of the person; (b) the country or geographic area in which a customer of the person resides or operates; (c) the products, services and transactions of the person; and (d) the delivery channels of the person. (2) A person carrying out relevant financial business shall \u2014 (a) document and keep up to date the assessment required under paragraph (1) of its money laundering risks, terrorist financing risks and proliferation financing risks; (b) consider all relevant risk factors before determining what is the level of overall risk and the appropriate level and type of mitigation to be applied; (c) maintain appropriate mechanisms to provide information to competent authorities and self-regulatory bodies about the assessment of risk required under paragraph (1); (d) implement policies, controls and procedures, that are approved by senior management and consistent with national requirements and guidance from competent authorities and selfregulatory bodies, to enable the person to manage and mitigate the money laundering risks, terrorist financing risks and proliferation financing risks that have been identified by the country or by the relevant financial business; (e) monitor the implementation of the controls referred to in subparagraph (d) and enhance the controls where necessary; (f) identify and assess the money laundering risks and terrorist financing risks that may arise in relation to the development of new products and new business practices, including new delivery mechanisms and the use of new or developing technologies for both new and pre-existing products; Regulation 8 Anti-Money Laundering (Amendment) Regulations, 2024 SL 8 of 2024 (g) where higher money laundering risks or terrorist financing risks are identified, take enhanced customer due diligence to manage and mitigate the identified risks; (h) where higher proliferation financing risks are identified, take measures to mitigate the identified risks, including applying enhanced due diligence measures aimed at detecting possible breaches, the non-implementation, or evasion of targeted financial sanctions; and (i) where lower proliferation financing risks are identified, ensure that \u2014 (i) measures to manage the risks are commensurate with the level of risks; and (ii) the person complies with targeted financial sanctions applicable in the Islands.\u201d. 8. Amendment of regulation 8A - risk assessment of a country or geographic area 8. The principal Regulations are amended in regulation 8A as follows \u2014 (a) in paragraph (1), by deleting the words \u201crisk of money laundering or terrorist financing in\u201d and substituting the words \u201cmoney laundering risk, terrorist financing risk or proliferation financing risk of\u201d; (b) in paragraph (2) in the chapeau, by deleting the words \u201clow risk of money laundering or terrorism financing\u201d and substituting the words \u201clow money laundering risk, low terrorist financing risk or low proliferation financing risk\u201d; and (c) in paragraph (2)(b), by deleting the words \u201cterrorism and money laundering\u201d and substituting the words \u201cterrorism, money laundering, terrorist financing, or proliferation financing\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Amendment of regulation 11 - when customer due diligence is required 9. The principal Regulations are amended in regulation 11(1)(d) by deleting the words \u201cor terrorist financing\u201d and substituting the words \u201c, terrorist financing or proliferation financing\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Amendment of regulation 15 - verification of identity of customer and beneficial owner 10. The principal Regulations are amended in regulation 15(2)(c) by deleting the words \u201cmoney laundering or terrorist financing risks\u201d and substituting the words \u201cmoney laundering risks, terrorist financing risks and proliferation financing risks\u201d. Anti-Money Laundering (Amendment) Regulations, 2024 Regulation 11 SL 8 of 2024\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Amendment of regulation 17 - duty to perform enhanced due diligence 11. The principal Regulations are amended in regulation 17 by deleting the words \u201cmoney laundering or terrorist financing risks\u201d and substituting the words \u201cmoney laundering risks, terrorist financing risks or proliferation financing risks\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Amendment of regulation 19 - when to file suspicious activity report 12. The principal Regulations are amended in regulation 19(a) by deleting the words \u201cor terrorist financing\u201d and substituting the words \u201c, terrorist financing or proliferation financing\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Amendment of regulation 20 - identification procedures - supplementary provisions 13. The principal Regulations are amended in regulation 20 as follows \u2014 (a) in paragraph (3)(d), by deleting the words \u201cfifteen thousand\u201d wherever they appear and substituting the words \u201cten thousand\u201d; and (b) in paragraph (4), by deleting the words \u201crisk of money laundering or terrorist financing\u201d and substituting the words \u201cmoney laundering risk, terrorist financing risk or proliferation financing risk\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Amendment of regulation 21 - simplified customer due diligence application 14. The principal Regulations are amended in regulation 21(3) by deleting the words \u201cor terrorist financing\u201d wherever they appear and substituting the words \u201c, terrorist financing or proliferation financing\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Amendment of regulation 22 - acceptable applicants 15. The principal Regulations are amended in regulation 22(1)(d)(ii) and (iii) by deleting the words \u201crisk of money laundering and terrorist financing\u201d and substituting the words \u201cmoney laundering risk, terrorist financing risk and proliferation financing risk\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Amendment of regulation 23 - payments delivered in person or electronically 16. The principal Regulations are amended in regulation 23 as follows \u2014 (a) in paragraph (1), by deleting the words \u201crisk of money laundering and terrorist financing\u201d and substituting the words \u201cmoney laundering risk, terrorist financing risk and proliferation financing risk\u201d; and (b) in paragraph (2)(a), by deleting the words \u201cor terrorist financing\u201d wherever they appear and substituting the words \u201c, terrorist financing or proliferation financing\u201d. Regulation 17 Anti-Money Laundering (Amendment) Regulations, 2024 SL 8 of 2024 17. Amendment of regulation 24 - identification procedures - transactions on behalf of another 17. The principal Regulations are amended in regulation 24(2)(a) by deleting the words \u201cunder regulation 22(d)\u201d and substituting the words \u201cunder regulation 22(1)(d)\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Amendment of regulation 27 - application of enhanced customer due diligence 18. The principal Regulations are amended in regulation 27 as follows \u2014 (a) in subparagraphs (a) and (b), by deleting the words \u201crisk of money laundering or terrorist financing\u201d and substituting the words \u201cmoney laundering risk, terrorist financing risk or proliferation financing risk\u201d; and (b) in subparagraph (c), by deleting the words \u201cor counter terrorist financing\u201d and substituting the words \u201c, counter terrorist financing or counter proliferation financing\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Amendment of regulation 31 - record-keeping procedures 19. The principal Regulations are amended in regulation 31(5) as follows \u2014 (a) in subparagraph (b)(i), by deleting the words \u201cor terrorist financing\u201d wherever they appear and substituting the words \u201c, terrorist financing or proliferation financing\u201d; and (b) in subparagraphs (b)(ii) and (aa)(ii), by deleting the words \u201cfifteen thousand\u201d and substituting the words \u201cten thousand\u201d. 20. Amendment of regulation 34 - internal reporting procedures 20. The principal Regulations are amended in regulation 34 as follows \u2014 (a) in subparagraph (a), by deleting the words \u201cor terrorist financing\u201d wherever they appear and substituting the words \u201c, terrorist financing or proliferation financing\u201d; and (b) by repealing subparagraph (d) and substituting the following subparagraph \u2014 \u201c(d) for ensuring that any information or other matter contained in a report is disclosed to the Financial Reporting Authority where the person who has considered the report under subparagraph (b) knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in money laundering, terrorist financing or proliferation financing.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Amendment of regulation 49A - definitions under Part XA 21. The principal Regulations are amended in regulation 49A, in the definition of the words \u201cbatch file transfer of virtual assets\u201d, by inserting after the words \u201care bundled together\u201d, the words \u201cby, or on behalf of, a virtual asset service provider\u201d. Anti-Money Laundering (Amendment) Regulations, 2024 Regulation 22 SL 8 of 2024\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Amendment of regulation 49F - batch file transfers of virtual assets 22. The principal Regulations are amended in regulation 49F as follows \u2014 (a) in paragraph (1) as follows \u2014 (i) in the chapeau, by deleting the words \u201cFor batch file transfers of virtual assets from a single\u201d and substituting the words \u201cWhere a batch file transfer of virtual assets consists entirely of transfers from one\u201d; and (ii) in subparagraph (a), by inserting after the words \u201cbatch file contains\u201d the words \u201cthe following information or if the following information is submitted with the batch file\u201d; and (b) by repealing paragraph (2) and substituting the following paragraph \u2014 \u201c(2) A batch file or the information submitted along with a batch file shall contain the name, account number or unique identifier of each beneficiary that is traceable in the beneficiary country.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Amendment of regulation 52 - cross-border correspondent banking 23. The principal Regulations are amended in regulation 52 as follows \u2014 (a) in subparagraph (a) by deleting the words \u201cor terrorist financing\u201d and substituting the words \u201c, terrorist financing or proliferation financing\u201d; and (b) in subparagraph (b) by deleting the word \u201cterrorist\u201d and substituting the words \u201cterrorists and proliferation\u201d. 24. Amendment of Part XIA - disclosure requirements for persons carrying out relevant financial business 24. The principal Regulations are amended in Part XIA by repealing the Part heading and substituting the following Part heading \u2014 \u201cPART 11A - Disclosure and sharing of information\u201d. 25. Amendment of regulation 53A - duty of a person carrying out relevant financial business to produce information 25. The principal Regulations are amended in regulation 53A by repealing the regulation heading and substituting the following regulation heading \u2014 \u201cDuty to produce information\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Insertion of regulation 53AA - duty of DNFBPs to produce information 26. The principal Regulations are amended by inserting after regulation 53A, the following regulation \u2014 Regulation 27 Anti-Money Laundering (Amendment) Regulations, 2024 SL 8 of 2024 \u201cDuty of DNFBPs to produce information 53AA.(1) A Supervisory Authority may, by notice in writing, require a DNFBP to provide documents, statements or any other information as the Supervisory Authority may reasonably require to determine if the DNFBP is carrying out relevant financial business. (2) A DNFBP which receives a notice under paragraph (1), shall comply with that notice within the period and in the manner specified in the notice.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Amendment of regulation 53B - failure to produce information 27. The principal Regulations are amended in regulation 53B by inserting after the words \u201cregulation 53A\u201d wherever they appear the words \u201cor 53AA\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Repeal and substitution of regulation 55B - Supervisory Authorities of DNFBPs 28. The principal Regulations are amended by repealing regulation 55B and substituting the following regulation \u2014 \u201cSupervisory Authorities of DNFBPs 55B. The following bodies are designated by the Cabinet under section 4(9) of the Act as Supervisory Authorities of the following DNFBPs for the purposes of this Part \u2014 (a) the Department of Commerce and Investment - for real estate agents and brokers, dealers in precious metals, dealers in precious stones and any other business or profession for which it has been designated by the Supervisory Authority; (b) the Cayman Islands Institute of Professional Accountants - for firms of accountants; and (c) the Cayman Islands Legal Services Council or its delegate - for firms of attorneys at law that engage in or assist other persons in the planning or execution of relevant financial business, or otherwise act for or on behalf of such persons in relevant financial business.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Amendment of regulation 55E - duty to maintain DNFBP register 29. The principal Regulations are amended in regulation 55E(2), by inserting after subparagraph (f), the following subparagraph \u2014 \u201c(fa) the name and date of appointment of \u2014 (i) the Anti-Money Laundering Compliance Officer; and (ii) the Money Laundering Reporting Officer and Deputy Money Laundering Officer, as applicable;\u201d. Anti-Money Laundering (Amendment) Regulations, 2024 Regulation 30 SL 8 of 2024\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Amendment of regulation 55F - requirement for registration 30. The principal Regulations are amended in regulation 55F(1)(a) as follows \u2014 (a) in sub-subparagraph (i), by deleting the word \u201cand\u201d; (b) in sub-subparagraph (ii), by deleting the word \u201cand\u201d; and (c) by inserting after sub-subparagraph (ii), the following subsubparagraphs \u2014 \u201c(iii) information identifying the ownership and control structure of the DNFBP, including information on the beneficial owners of the DNFBP and all connected persons in relation to the DNFBP; and (iv) such other information as the Supervisory Authority reasonably considers appropriate in the exercise of its supervisory functions; and\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Insertion of regulation 55MA - duty to notify Supervisory Authority 31. The principal Regulations are amended by inserting after regulation 55M the following regulation \u2014 \u201cDuty to notify Supervisory Authority 55MA.(1) Subject to paragraph (4), a person who carries on business as a DNFBP which conducts relevant financial business shall notify the Supervisory Authority designated for that DNFBP, in writing, of any change in the assessment of the risk of the person after conducting an assessment of risk in accordance with regulation 8, no later than thirty days after the date on which the change occurs. (2) A person who carries on business as a DNFBP shall notify the Supervisory Authority designated for that DNFBP, in writing, of any change in \u2014 (a) information previously requested by the Supervisory Authority under regulation 53AA; and (b) the information required to be submitted under regulations 55E and 55F, no later than thirty days after the date on which the change occurs. (3) Subject to paragraph (4), a person who carries on business as a DNFBP to whom paragraph (1) or (2) applies, shall provide to the Supervisory Authority designated for that DNFBP \u2014 (a) all relevant information which relates to any change notified under paragraph (1) or (2); and Regulation 32 Anti-Money Laundering (Amendment) Regulations, 2024 SL 8 of 2024 (b) such other information as the Supervisory Authority may request from the person. (4) A person who carries on business as a DNFBP which conducts relevant financial business is not required to \u2014 (a) notify the Supervisory Authority designated for that DNFBP in accordance with paragraph (1); or (b) provide information to the Supervisory Authority designated for that DNFBP in accordance with paragraph (3), if that person provides written consent to the relevant government body or any other competent authority which holds such information, to provide the information to the Supervisory Authority designated for that DNFBP.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Amendment of regulation 55R - power to impose administrative fines 32. The principal Regulations are amended in regulation 55R by inserting after paragraph (1) the following paragraph \u2014 \u201c(1A) A Supervisory Authority may impose an administrative fine on a director, manager, secretary, partner or other similar officer of a DNFBP or a person who was purporting to act in any such capacity (however designated) where the DNFBP contravenes these Regulations and it is proved that the contravention was \u2014 (a) committed with the consent or connivance of; or (b) attributable to any neglect on the part of, the director, manager, secretary, partner or other similar officer of the DNFBP or a person who was purporting to act in any such capacity (however designated).\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Amendment of regulation 55S - fine amounts 33. The principal Regulations are amended in regulation 55S as follows \u2014 (a) in paragraph (3) as follows \u2014 (i) in the chapeau, by deleting the words \u201ca single fine of\u201d; (ii) in subparagraph (a), by deleting the words \u201can individual; or\u201d and substituting the words \u201can individual;\u201d; (iii) in subparagraph (b), by deleting the words \u201cbody corporate.\u201d and substituting the words \u201cbody corporate;\u201d; and (iv) by inserting after subparagraph (b) the following subparagraphs \u2014 \u201c(c) one hundred thousand dollars for a partnership; or (d) one hundred thousand dollars for an unincorporated association other than a partnership.\u201d; and Anti-Money Laundering (Amendment) Regulations, 2024 Regulation 34 SL 8 of 2024 (b) in paragraph (4) as follows \u2014 (i) in the chapeau, by deleting the words \u201ca single fine of\u201d; (ii) in subparagraph (a), by deleting the words \u201can individual; or\u201d and substituting the words \u201can individual;\u201d; (iii) in subparagraph (b), by deleting the words \u201cbody corporate.\u201d and substituting the words \u201cbody corporate;\u201d; and (iv) by inserting after subparagraph (b) the following subparagraphs \u2014 \u201c(c) two hundred and fifty thousand dollars for a partnership; or (d) two hundred and fifty thousand dollars for an unincorporated association other than a partnership.\u201d. 34. Amendment of regulation 57 - offences by bodies corporate, partnerships and unincorporated associations 34. The principal Regulations are amended in regulation 57 as follows \u2014 (a) by repealing paragraph (1) and substituting the following paragraph \u2014 \u201c(1) Where an offence under these Regulations committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, a director, manager, secretary or other similar officer of the body corporate or a person who was purporting to act in any such capacity, the person, as well as the body corporate, commits that offence and, subject to regulation 55U, is liable \u2014 (a) to the penalty under regulation 56; or (b) to an administrative fine imposed by \u2014 (i) the Monetary Authority in accordance with the Monetary Authority Act (2020 Revision) or regulations made under that Act; or (ii) a Supervisory Authority other than the Monetary Authority in accordance with these Regulations.\u201d; and (b) by repealing paragraph (3) and substituting the following paragraph \u2014 \u201c(3) Where an offence under these Regulations committed by a partnership, or by an unincorporated association other than a partnership, is proved to have been committed with the consent or connivance of, or is attributable to any neglect on the part of, a partner in the partnership or a person concerned in the management or control of the association, the partner or person, as well as the partnership or association, commits that offence and subject to regulation 55U, is liable \u2014 (a) to the penalty under regulation 56; or Regulation 35 Anti-Money Laundering (Amendment) Regulations, 2024 SL 8 of 2024 (b) to an administrative fine imposed by \u2014 (i) the Monetary Authority in accordance with the Monetary Authority Act (2020 Revision) or regulations made under that Act; or (ii) a Supervisory Authority other than the Monetary Authority in accordance with these Regulations.\u201d. 35. Amendment of Schedule 2 - prescribed provisions and breach categories 35. The principal Regulations are amended in Schedule 2 as follows \u2014 (a) in column 1 by inserting after the words \u201c53A\u201d the words \u201cand 53AA\u201d; and (b) by deleting the reference in column 1 to the prescribed provision in respect of regulation 57 and its corresponding category of breach in column 2. Made in Cabinet the 9th day of April, 2024. 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definitions .....................................................................................6\n4.\nAmendment of regulation 5 - systems and training to prevent money laundering .......................7\n5.\nAmendment of regulation 6 - group-wide programmes ...............................................................7\n6.\nAmendment of regulation 7 - application of measures extraterritorially .......................................8\n7.\nRepeal and substitution of regulation 8 - assessment of risk ......................................................9\n8.\nAmendment of regulation 8A - risk assessment of a country or geographic area...................... 10\n9.\nAmendment of regulation 11 - when customer due diligence is required .................................. 10\n10.\nAmendment of regulation 15 - verification of identity of customer and beneficial owner............ 10\n11.\nAmendment of regulation 17 - duty to perform enhanced due diligence ................................... 11\n12.\nAmendment of regulation 19 - when to file suspicious activity report ........................................ 11\n13.\nAmendment of regulation 20 - identification procedures - supplementary provisions ................ 11\n14.\nAmendment of regulation 21 - simplified customer due diligence application ........................... 11\n15.\nAmendment of regulation 22 - acceptable applicants ............................................................... 11\n16.\nAmendment of regulation 23 - payments delivered in person or electronically .......................... 11\n17.\nAmendment of regulation 24 - identification procedures - transactions on behalf of\nanother .................................................................................................................................... 12\n18.\nAmendment of regulation 27 - application of enhanced customer due diligence ....................... 12\n19.\nAmendment of regulation 31 - record-keeping procedures ....................................................... 12\n20.\nAmendment of regulation 34 - internal reporting procedures .................................................... 12\n\nArrangement of Regulations\nAnti-Money Laundering (Amendment) Regulations, 2024\n\nPage 4\nSL 8 of 2024\nc\n\n21.\nAmendment of regulation 49A - definitions under Part XA ........................................................ 12\n22.\nAmendment of regulation 49F - batch file transfers of virtual assets ......................................... 13\n23.\nAmendment of regulation 52 - cross-border correspondent banking ........................................ 13\n24.\nAmendment of Part XIA - disclosure requirements for persons carrying out relevant\nfinancial business .................................................................................................................... 13\n25.\nAmendment of regulation 53A - duty of a person carrying out relevant financial business\nto produce information ............................................................................................................. 13\n26.\nInsertion of regulation 53AA - duty of DNFBPs to produce information .................................... 13\n27.\nAmendment of regulation 53B - failure to produce information ................................................. 14\n28.\nRepeal and substitution of regulation 55B - Supervisory Authorities of DNFBPs ...................... 14\n29.\nAmendment of regulation 55E - duty to maintain DNFBP register ............................................ 14\n30.\nAmendment of regulation 55F - requirement for registration .................................................... 15\n31.\nInsertion of regulation 55MA - duty to notify Supervisory Authority ........................................... 15\n32.\nAmendment of regulation 55R - power to impose administrative fines ..................................... 16\n33.\nAmendment of regulation 55S - fine amounts .......................................................................... 16\n34.\nAmendment of regulation 57 - offences by bodies corporate, partnerships and\nunincorporated associations .................................................................................................... 17\n35.\nAmendment of Schedule 2 - prescribed provisions and breach categories ............................... 18\n\nAnti-Money Laundering (Amendment) Regulations, 2024\nRegulation 1\n\nc\nSL 8 of 2024\nPage 5\n\nCAYMAN ISLANDS\n\nProceeds of Crime Act\n(2024 Revision)\nANTI-MONEY LAUNDERING (AMENDMENT)\nREGULATIONS, 2024\n(SL 8 of 2024)\nIn exercise of the powers conferred by section 145 of the Proceeds of Crime Act (2024\nRevision), the Cabinet, on the recommendation of the Anti-Money Laundering Steering\nGroup, the Monetary Authority and the Financial Reporting Authority, makes the\nfollowing Regulations \u2014\n1.\nCitation\n1.\nThese Regulations may be cited as the Anti-Money Laundering (Amendment)\nRegulations, 2024.\n2.\nGeneral amendments to the Anti-Money Laundering Regulations (2023\nRevision) - references to Parts\n2.\nThe Anti-Money Laundering Regulations (2023 Revision), in these Regulations\nreferred to as the \u201cprincipal Regulations\u201d, are amended as follows \u2014\n(a) by deleting the words \u201cPART I\u201d and \u201cPart I\u201d wherever they appear and\nsubstituting the words \u201cPART 1\u201d and \u201cPart 1\u201d, respectively;\n(b) by deleting the words \u201cPART II\u201d and \u201cPart II\u201d wherever they appear and\nsubstituting the words \u201cPART 2\u201d and \u201cPart 2\u201d, respectively;\n(c) by deleting the words \u201cPART III\u201d and \u201cPart III\u201d wherever they appear and\nsubstituting the words \u201cPART 3\u201d and \u201cPart 3\u201d, respectively;\n\nRegulation 3\nAnti-Money Laundering (Amendment) Regulations, 2024\n\nPage 6\nSL 8 of 2024\nc\n\n(d) by deleting the words \u201cPART IV\u201d and \u201cPart IV\u201d wherever they appear and\nsubstituting the words \u201cPART 4\u201d and \u201cPart 4\u201d, respectively;\n(e) by deleting the words \u201cPART V\u201d and \u201cPart V\u201d wherever they appear and\nsubstituting the words \u201cPART 5\u201d and \u201cPart 5\u201d, respectively;\n(f)\nby deleting the words \u201cPART VI\u201d and \u201cPart VI\u201d wherever they appear and\nsubstituting the words \u201cPART 6\u201d and \u201cPart 6\u201d, respectively;\n(g) by deleting the words \u201cPART VII\u201d and \u201cPart VII\u201d wherever they appear\nand substituting the words \u201cPART 7\u201d and \u201cPart 7\u201d, respectively;\n(h) by deleting the words \u201cPART VIII\u201d and \u201cPart VIII\u201d wherever they appear\nand substituting the words \u201cPART 8\u201d and \u201cPart 8\u201d, respectively;\n(i)\nby deleting the words \u201cPART IX\u201d and \u201cPart IX\u201d wherever they appear and\nsubstituting the words \u201cPART 9\u201d and \u201cPart 9\u201d, respectively;\n(j)\nby deleting the words \u201cPART X\u201d and \u201cPart X\u201d wherever they appear and\nsubstituting the words \u201cPART 10\u201d and \u201cPart 10\u201d, respectively;\n(k) by deleting the words \u201cPART XA\u201d and \u201cPart XA\u201d wherever they appear\nand substituting the words \u201cPART 10A\u201d and \u201cPart 10A\u201d, respectively;\n(l)\nby deleting the words \u201cPART XI\u201d and \u201cPart XI\u201d wherever they appear and\nsubstituting the words \u201cPART 11\u201d and \u201cPart 11\u201d, respectively\u201d;\n(m) by deleting the words \u201cPART XIB\u201d and \u201cPart XIB\u201d wherever they appear\nand substituting the words \u201cPART 11B\u201d and \u201cPart 11B\u201d, respectively\u201d;\n(n) by deleting the words \u201cPART XII\u201d and \u201cPart XII\u201d wherever they appear\nand substituting the words \u201cPART 12\u201d and \u201cPart 12\u201d, respectively;\n(o) by deleting the words \u201cPART XIIA\u201d and \u201cPart XIIA\u201d wherever they\nappear and substituting the words \u201cPART 12A\u201d and \u201cPart 12A\u201d,\nrespectively; and\n(p) by deleting the words \u201cPART XIII\u201d and \u201cPart XIII\u201d wherever they appear\nand substituting the words \u201cPART 13\u201d and \u201cPart 13\u201d, respectively.\n3.\nAmendment of regulation 2 - definitions\n3.\nThe principal Regulations are amended in regulation 2(1) as follows \u2014\n(a) by deleting the definition of the words \u201ccompetent authority\u201d or\n\u201ccompetent authorities\u201d and substituting the following definition \u2014\n\u201c \u201ccompetent authority\u201d means a public body in the Islands charged\nwith responsibility for combating money laundering, terrorist\nfinancing and proliferation financing including \u2014\n(a) the Financial Reporting Authority and any authority charged\nwith the responsibility for investigating and prosecuting money\nlaundering, associated predicate offences, terrorist financing\n\nAnti-Money Laundering (Amendment) Regulations, 2024\nRegulation 4\n\nc\nSL 8 of 2024\nPage 7\n\nand proliferation financing, and seizing or freezing and\nconfiscating criminal assets;\n(b) any authority receiving reports on cross-border transportation of\ncurrency and bearer negotiable instruments; and\n(c) any authority having anti-money laundering, counter terrorist\nfinancing or counter proliferation financing supervisory or\nmonitoring responsibility aimed at ensuring compliance by a\nrelevant financial business with anti-money laundering, counter\nterrorist\nfinancing\nor\ncounter\nproliferation\nfinancing\nrequirements;\u201d;\n(b) in the definition of the words \u201cFinancial Action Task Force\u201d by deleting\nthe words \u201cand terrorist financing\u201d and substituting the words \u201c, terrorist\nfinancing and proliferation financing\u201d;\n(c) in the definition of the words \u201cfinancial group\u201d by inserting after the word\n\u201claundering\u201d the words \u201c, counter terrorist financing and counter\nproliferation financing\u201d; and\n(d) by inserting after the definition of the word \u201cproliferation\u201d the following\ndefinition \u2014\n\u201c \u201cproliferation financing risk\u201d means the potential breach, nonimplementation or evasion of targeted financial sanctions obligations\nrelated to proliferation financing that are imposed or applied by\nUnited Nations Security Council Resolutions;\u201d.\n4.\nAmendment of regulation 5 - systems and training to prevent money\nlaundering\n4.\nThe principal Regulations are amended in regulation 5 as follows \u2014\n(a) by repealing the regulation heading and substituting the following\nregulation heading \u2014\n\u201cSystems and training to prevent money laundering, terrorist\nfinancing and proliferation financing\u201d;\n(b) in subparagraph (a), by deleting the words \u201cmoney laundering and terrorist\nfinancing risks\u201d and substituting the words \u201cmoney laundering risks,\nterrorist financing risks and proliferation financing risks\u201d; and\n(c) in subparagraph (b), by deleting the words \u201cParts IV and VIII\u201d and\nsubstituting the words \u201cParts 4 and 8\u201d.\n5.\nAmendment of regulation 6 - group-wide programmes\n5.\nThe principal Regulations are amended in regulation 6(1) as follows \u2014\n\nRegulation 6\nAnti-Money Laundering (Amendment) Regulations, 2024\n\nPage 8\nSL 8 of 2024\nc\n\n(a) in the chapeau, by deleting the words \u201cagainst money laundering and\nterrorist financing\u201d and substituting the words \u201cagainst money laundering,\nterrorist financing and proliferation financing\u201d;\n(b) in subparagraph (b) by deleting the words \u201cmoney laundering and terrorist\nfinancing risk management\u201d and substituting the words \u201cthe managing of\nmoney laundering risks, terrorist financing risks and proliferation\nfinancing risks\u201d; and\n(c) by repealing subparagraph (c) and substituting the following\nsubparagraph \u2014\n\u201c(c) group-level compliance, audit, anti-money laundering, counter\nterrorist financing and counter proliferation financing functions\nbeing provided with customer, account and transaction\ninformation from branches and subsidiaries when necessary for\nanti-money laundering, counter terrorist financing or counter\nproliferation financing purposes, including information and\nanalysis, if analysis was done, of transactions or activities\nwhich appear unusual; and\u201d.\n6.\nAmendment of regulation 7 - application of measures extraterritorially\n6.\nThe principal Regulations are amended in regulation 7 as follows \u2014\n(a) in paragraph (1) as follows \u2014\n(i)\nby deleting the words \u201cor counter terrorist financing measures\u201d and\nsubstituting the words \u201c, counter terrorist financing and counter\nproliferation financing measures\u201d; and\n(ii) by deleting the words \u201cor counter terrorist financing requirements\u201d\nand substituting the words \u201c, counter terrorist financing and counter\nproliferation financing requirements\u201d; and\n(b) in paragraph (2) as follows \u2014\n(i)\nin the chapeau, by deleting the words \u201cor counter terrorist financing\nmeasures\u201d and substituting the words \u201c, counter terrorist financing\nand counter proliferation financing measures\u201d;\n(ii) in subparagraph (a), by deleting the words \u201cmoney laundering or\nterrorist financing risks\u201d and substituting the words \u201cmoney\nlaundering risks, terrorist financing risks and proliferation financing\nrisks\u201d; and\n(iii) in subparagraph (b), by deleting the words \u201cor counter terrorist\nfinancing measures\u201d and substituting the words \u201c, counter terrorist\nfinancing and counter proliferation financing measures\u201d..\n\nAnti-Money Laundering (Amendment) Regulations, 2024\nRegulation 7\n\nc\nSL 8 of 2024\nPage 9\n\n7.\nRepeal and substitution of regulation 8 - assessment of risk\n7.\nThe principal Regulations are amended by repealing regulation 8 and substituting the\nfollowing regulation \u2014\n\u201cAssessment of risk\n8.\n(1) A person carrying out relevant financial business shall take steps\nappropriate to the nature and size of the business to identify, assess\nand understand its money laundering risks, terrorist financing risks\nand proliferation financing risks in relation to \u2014\n(a) a customer of the person;\n(b) the country or geographic area in which a customer of the\nperson resides or operates;\n(c) the products, services and transactions of the person; and\n(d) the delivery channels of the person.\n(2) A person carrying out relevant financial business shall \u2014\n(a) document and keep up to date the assessment required under\nparagraph (1) of its money laundering risks, terrorist financing\nrisks and proliferation financing risks;\n(b) consider all relevant risk factors before determining what is the\nlevel of overall risk and the appropriate level and type of\nmitigation to be applied;\n(c) maintain appropriate mechanisms to provide information to\ncompetent authorities and self-regulatory bodies about the\nassessment of risk required under paragraph (1);\n(d) implement policies, controls and procedures, that are approved\nby senior management and consistent with national\nrequirements and guidance from competent authorities and selfregulatory bodies, to enable the person to manage and mitigate\nthe money laundering risks, terrorist financing risks and\nproliferation financing risks that have been identified by the\ncountry or by the relevant financial business;\n(e) monitor the implementation of the controls referred to in\nsubparagraph (d) and enhance the controls where necessary;\n(f)\nidentify and assess the money laundering risks and terrorist\nfinancing risks that may arise in relation to the development of\nnew products and new business practices, including new\ndelivery mechanisms and the use of new or developing\ntechnologies for both new and pre-existing products;\n\nRegulation 8\nAnti-Money Laundering (Amendment) Regulations, 2024\n\nPage 10\nSL 8 of 2024\nc\n\n(g) where higher money laundering risks or terrorist financing risks\nare identified, take enhanced customer due diligence to manage\nand mitigate the identified risks;\n(h) where higher proliferation financing risks are identified, take\nmeasures to mitigate the identified risks, including applying\nenhanced due diligence measures aimed at detecting possible\nbreaches, the non-implementation, or evasion of targeted\nfinancial sanctions; and\n(i)\nwhere lower proliferation financing risks are identified, ensure\nthat \u2014\n(i)\nmeasures to manage the risks are commensurate with the\nlevel of risks; and\n(ii) the person complies with targeted financial sanctions\napplicable in the Islands.\u201d.\n8.\nAmendment of regulation 8A - risk assessment of a country or geographic\narea\n8.\nThe principal Regulations are amended in regulation 8A as follows \u2014\n(a) in paragraph (1), by deleting the words \u201crisk of money laundering or\nterrorist financing in\u201d and substituting the words \u201cmoney laundering risk,\nterrorist financing risk or proliferation financing risk of\u201d;\n(b) in paragraph (2) in the chapeau, by deleting the words \u201clow risk of money\nlaundering or terrorism financing\u201d and substituting the words \u201clow money\nlaundering risk, low terrorist financing risk or low proliferation financing\nrisk\u201d; and\n(c) in paragraph (2)(b), by deleting the words \u201cterrorism and money\nlaundering\u201d and substituting the words \u201cterrorism, money laundering,\nterrorist financing, or proliferation financing\u201d.\n9.\nAmendment of regulation 11 - when customer due diligence is required\n9.\nThe principal Regulations are amended in regulation 11(1)(d) by deleting the words\n\u201cor terrorist financing\u201d and substituting the words \u201c, terrorist financing or\nproliferation financing\u201d.\n10.\nAmendment of regulation 15 - verification of identity of customer and\nbeneficial owner\n10. The principal Regulations are amended in regulation 15(2)(c) by deleting the words\n\u201cmoney laundering or terrorist financing risks\u201d and substituting the words \u201cmoney\nlaundering risks, terrorist financing risks and proliferation financing risks\u201d.\n\nAnti-Money Laundering (Amendment) Regulations, 2024\nRegulation 11\n\nc\nSL 8 of 2024\nPage 11\n\n11.\nAmendment of regulation 17 - duty to perform enhanced due diligence\n11. The principal Regulations are amended in regulation 17 by deleting the words\n\u201cmoney laundering or terrorist financing risks\u201d and substituting the words \u201cmoney\nlaundering risks, terrorist financing risks or proliferation financing risks\u201d.\n12.\nAmendment of regulation 19 - when to file suspicious activity report\n12. The principal Regulations are amended in regulation 19(a) by deleting the words \u201cor\nterrorist financing\u201d and substituting the words \u201c, terrorist financing or proliferation\nfinancing\u201d.\n13.\nAmendment of regulation 20 - identification procedures - supplementary\nprovisions\n13. The principal Regulations are amended in regulation 20 as follows \u2014\n(a) in paragraph (3)(d), by deleting the words \u201cfifteen thousand\u201d wherever\nthey appear and substituting the words \u201cten thousand\u201d; and\n(b) in paragraph (4), by deleting the words \u201crisk of money laundering or\nterrorist financing\u201d and substituting the words \u201cmoney laundering risk,\nterrorist financing risk or proliferation financing risk\u201d.\n14.\nAmendment of regulation 21 - simplified customer due diligence application\n14. The principal Regulations are amended in regulation 21(3) by deleting the words \u201cor\nterrorist financing\u201d wherever they appear and substituting the words \u201c, terrorist\nfinancing or proliferation financing\u201d.\n15.\nAmendment of regulation 22 - acceptable applicants\n15. The principal Regulations are amended in regulation 22(1)(d)(ii) and (iii) by deleting\nthe words \u201crisk of money laundering and terrorist financing\u201d and substituting the\nwords \u201cmoney laundering risk, terrorist financing risk and proliferation financing\nrisk\u201d.\n16.\nAmendment of regulation 23 - payments delivered in person or electronically\n16. The principal Regulations are amended in regulation 23 as follows \u2014\n(a) in paragraph (1), by deleting the words \u201crisk of money laundering and\nterrorist financing\u201d and substituting the words \u201cmoney laundering risk,\nterrorist financing risk and proliferation financing risk\u201d; and\n(b) in paragraph (2)(a), by deleting the words \u201cor terrorist financing\u201d wherever\nthey appear and substituting the words \u201c, terrorist financing or proliferation\nfinancing\u201d.\n\nRegulation 17\nAnti-Money Laundering (Amendment) Regulations, 2024\n\nPage 12\nSL 8 of 2024\nc\n\n17.\nAmendment of regulation 24 - identification procedures - transactions on\nbehalf of another\n17. The principal Regulations are amended in regulation 24(2)(a) by deleting the words\n\u201cunder regulation 22(d)\u201d and substituting the words \u201cunder regulation 22(1)(d)\u201d.\n18.\nAmendment of regulation 27 - application of enhanced customer due\ndiligence\n18. The principal Regulations are amended in regulation 27 as follows \u2014\n(a) in subparagraphs (a) and (b), by deleting the words \u201crisk of money\nlaundering or terrorist financing\u201d and substituting the words \u201cmoney\nlaundering risk, terrorist financing risk or proliferation financing risk\u201d; and\n(b) in subparagraph (c), by deleting the words \u201cor counter terrorist financing\u201d\nand substituting the words \u201c, counter terrorist financing or counter\nproliferation financing\u201d.\n19.\nAmendment of regulation 31 - record-keeping procedures\n19. The principal Regulations are amended in regulation 31(5) as follows \u2014\n(a) in subparagraph (b)(i), by deleting the words \u201cor terrorist financing\u201d\nwherever they appear and substituting the words \u201c, terrorist financing or\nproliferation financing\u201d; and\n(b) in subparagraphs (b)(ii) and (aa)(ii), by deleting the words \u201cfifteen\nthousand\u201d and substituting the words \u201cten thousand\u201d.\n20.\nAmendment of regulation 34 - internal reporting procedures\n20. The principal Regulations are amended in regulation 34 as follows \u2014\n(a) in subparagraph (a), by deleting the words \u201cor terrorist financing\u201d\nwherever they appear and substituting the words \u201c, terrorist financing or\nproliferation financing\u201d; and\n(b) by repealing subparagraph (d) and substituting the following\nsubparagraph \u2014\n\u201c(d) for ensuring that any information or other matter contained in a\nreport is disclosed to the Financial Reporting Authority where\nthe person who has considered the report under subparagraph\n(b) knows or suspects or has reasonable grounds for knowing\nor suspecting that another person is engaged in money\nlaundering, terrorist financing or proliferation financing.\u201d.\n21.\nAmendment of regulation 49A - definitions under Part XA\n21. The principal Regulations are amended in regulation 49A, in the definition of the\nwords \u201cbatch file transfer of virtual assets\u201d, by inserting after the words \u201care\nbundled together\u201d, the words \u201cby, or on behalf of, a virtual asset service provider\u201d.\n\nAnti-Money Laundering (Amendment) Regulations, 2024\nRegulation 22\n\nc\nSL 8 of 2024\nPage 13\n\n22.\nAmendment of regulation 49F - batch file transfers of virtual assets\n22. The principal Regulations are amended in regulation 49F as follows \u2014\n(a) in paragraph (1) as follows \u2014\n(i)\nin the chapeau, by deleting the words \u201cFor batch file transfers of\nvirtual assets from a single\u201d and substituting the words \u201cWhere a\nbatch file transfer of virtual assets consists entirely of transfers from\none\u201d; and\n(ii) in subparagraph (a), by inserting after the words \u201cbatch file contains\u201d\nthe words \u201cthe following information or if the following information\nis submitted with the batch file\u201d; and\n(b) by repealing paragraph (2) and substituting the following paragraph \u2014\n\u201c(2) A batch file or the information submitted along with a batch file shall\ncontain the name, account number or unique identifier of each\nbeneficiary that is traceable in the beneficiary country.\u201d.\n23.\nAmendment of regulation 52 - cross-border correspondent banking\n23. The principal Regulations are amended in regulation 52 as follows \u2014\n(a) in subparagraph (a) by deleting the words \u201cor terrorist financing\u201d and\nsubstituting the words \u201c, terrorist financing or proliferation financing\u201d; and\n(b) in subparagraph (b) by deleting the word \u201cterrorist\u201d and substituting the\nwords \u201cterrorists and proliferation\u201d.\n24.\nAmendment of Part XIA - disclosure requirements for persons carrying out\nrelevant financial business\n24. The principal Regulations are amended in Part XIA by repealing the Part heading and\nsubstituting the following Part heading \u2014\n\u201cPART 11A - Disclosure and sharing of information\u201d.\n25.\nAmendment of regulation 53A - duty of a person carrying out relevant\nfinancial business to produce information\n25. The principal Regulations are amended in regulation 53A by repealing the regulation\nheading and substituting the following regulation heading \u2014\n\u201cDuty to produce information\u201d.\n26.\nInsertion of regulation 53AA - duty of DNFBPs to produce information\n26. The principal Regulations are amended by inserting after regulation 53A, the\nfollowing regulation \u2014\n\nRegulation 27\nAnti-Money Laundering (Amendment) Regulations, 2024\n\nPage 14\nSL 8 of 2024\nc\n\n\u201cDuty of DNFBPs to produce information\n53AA.(1) A Supervisory Authority may, by notice in writing, require a DNFBP\nto provide documents, statements or any other information as the\nSupervisory Authority may reasonably require to determine if the\nDNFBP is carrying out relevant financial business.\n(2) A DNFBP which receives a notice under paragraph (1), shall comply\nwith that notice within the period and in the manner specified in the\nnotice.\u201d.\n27.\nAmendment of regulation 53B - failure to produce information\n27. The principal Regulations are amended in regulation 53B by inserting after the words\n\u201cregulation 53A\u201d wherever they appear the words \u201cor 53AA\u201d.\n28.\nRepeal and substitution of regulation 55B - Supervisory Authorities of\nDNFBPs\n28. The principal Regulations are amended by repealing regulation 55B and substituting\nthe following regulation \u2014\n\u201cSupervisory Authorities of DNFBPs\n55B.\nThe following bodies are designated by the Cabinet under section\n4(9) of the Act as Supervisory Authorities of the following DNFBPs\nfor the purposes of this Part \u2014\n(a) the Department of Commerce and Investment - for real estate\nagents and brokers, dealers in precious metals, dealers in\nprecious stones and any other business or profession for which\nit has been designated by the Supervisory Authority;\n(b) the Cayman Islands Institute of Professional Accountants - for\nfirms of accountants; and\n(c) the Cayman Islands Legal Services Council or its delegate - for\nfirms of attorneys at law that engage in or assist other persons\nin the planning or execution of relevant financial business, or\notherwise act for or on behalf of such persons in relevant\nfinancial business.\u201d.\n29.\nAmendment of regulation 55E - duty to maintain DNFBP register\n29. The principal Regulations are amended in regulation 55E(2), by inserting after\nsubparagraph (f), the following subparagraph \u2014\n\u201c(fa) the name and date of appointment of \u2014\n(i)\nthe Anti-Money Laundering Compliance Officer; and\n(ii) the Money Laundering Reporting Officer and Deputy\nMoney Laundering Officer, as applicable;\u201d.\n\nAnti-Money Laundering (Amendment) Regulations, 2024\nRegulation 30\n\nc\nSL 8 of 2024\nPage 15\n\n30.\nAmendment of regulation 55F - requirement for registration\n30. The principal Regulations are amended in regulation 55F(1)(a) as follows \u2014\n(a) in sub-subparagraph (i), by deleting the word \u201cand\u201d;\n(b) in sub-subparagraph (ii), by deleting the word \u201cand\u201d; and\n(c) by\ninserting\nafter\nsub-subparagraph\n(ii),\nthe\nfollowing\nsubsubparagraphs \u2014\n\u201c(iii) information identifying the ownership and control structure of\nthe DNFBP, including information on the beneficial owners of\nthe DNFBP and all connected persons in relation to the\nDNFBP; and\n(iv) such other information as the Supervisory Authority reasonably\nconsiders appropriate in the exercise of its supervisory\nfunctions; and\u201d.\n31.\nInsertion of regulation 55MA - duty to notify Supervisory Authority\n31. The principal Regulations are amended by inserting after regulation 55M the\nfollowing regulation \u2014\n\u201cDuty to notify Supervisory Authority\n55MA.(1) Subject to paragraph (4), a person who carries on business as a\nDNFBP which conducts relevant financial business shall notify the\nSupervisory Authority designated for that DNFBP, in writing, of any\nchange in the assessment of the risk of the person after conducting an\nassessment of risk in accordance with regulation 8, no later than\nthirty days after the date on which the change occurs.\n(2) A person who carries on business as a DNFBP shall notify the\nSupervisory Authority designated for that DNFBP, in writing, of any\nchange in \u2014\n(a) information previously requested by the Supervisory Authority\nunder regulation 53AA; and\n(b) the information required to be submitted under regulations 55E\nand 55F,\nno later than thirty days after the date on which the change occurs.\n(3) Subject to paragraph (4), a person who carries on business as a\nDNFBP to whom paragraph (1) or (2) applies, shall provide to the\nSupervisory Authority designated for that DNFBP \u2014\n(a) all relevant information which relates to any change notified\nunder paragraph (1) or (2); and\n\nRegulation 32\nAnti-Money Laundering (Amendment) Regulations, 2024\n\nPage 16\nSL 8 of 2024\nc\n\n(b) such other information as the Supervisory Authority may\nrequest from the person.\n(4) A person who carries on business as a DNFBP which conducts\nrelevant financial business is not required to \u2014\n(a) notify the Supervisory Authority designated for that DNFBP in\naccordance with paragraph (1); or\n(b) provide information to the Supervisory Authority designated\nfor that DNFBP in accordance with paragraph (3),\nif that person provides written consent to the relevant government\nbody or any other competent authority which holds such information,\nto provide the information to the Supervisory Authority designated\nfor that DNFBP.\u201d.\n32.\nAmendment of regulation 55R - power to impose administrative fines\n32. The principal Regulations are amended in regulation 55R by inserting after paragraph\n(1) the following paragraph \u2014\n\u201c(1A) A Supervisory Authority may impose an administrative fine on a\ndirector, manager, secretary, partner or other similar officer of a\nDNFBP or a person who was purporting to act in any such capacity\n(however designated) where the DNFBP contravenes these\nRegulations and it is proved that the contravention was \u2014\n(a) committed with the consent or connivance of; or\n(b) attributable to any neglect on the part of,\nthe director, manager, secretary, partner or other similar officer of the\nDNFBP or a person who was purporting to act in any such capacity\n(however designated).\u201d.\n33.\nAmendment of regulation 55S - fine amounts\n33. The principal Regulations are amended in regulation 55S as follows \u2014\n(a) in paragraph (3) as follows \u2014\n(i)\nin the chapeau, by deleting the words \u201ca single fine of\u201d;\n(ii) in subparagraph (a), by deleting the words \u201can individual; or\u201d and\nsubstituting the words \u201can individual;\u201d;\n(iii) in subparagraph (b), by deleting the words \u201cbody corporate.\u201d and\nsubstituting the words \u201cbody corporate;\u201d; and\n(iv) by inserting after subparagraph (b) the following subparagraphs \u2014\n\u201c(c) one hundred thousand dollars for a partnership; or\n(d) one hundred thousand dollars for an unincorporated association\nother than a partnership.\u201d; and\n\nAnti-Money Laundering (Amendment) Regulations, 2024\nRegulation 34\n\nc\nSL 8 of 2024\nPage 17\n\n(b) in paragraph (4) as follows \u2014\n(i)\nin the chapeau, by deleting the words \u201ca single fine of\u201d;\n(ii) in subparagraph (a), by deleting the words \u201can individual; or\u201d and\nsubstituting the words \u201can individual;\u201d;\n(iii) in subparagraph (b), by deleting the words \u201cbody corporate.\u201d and\nsubstituting the words \u201cbody corporate;\u201d; and\n(iv) by inserting after subparagraph (b) the following subparagraphs \u2014\n\u201c(c) two hundred and fifty thousand dollars for a partnership; or\n(d) two hundred and fifty thousand dollars for an unincorporated\nassociation other than a partnership.\u201d.\n34.\nAmendment of regulation 57 - offences by bodies corporate, partnerships\nand unincorporated associations\n34. The principal Regulations are amended in regulation 57 as follows \u2014\n(a) by repealing paragraph (1) and substituting the following paragraph \u2014\n\u201c(1) Where an offence under these Regulations committed by a body\ncorporate is proved to have been committed with the consent or\nconnivance of, or to be attributable to any neglect on the part of, a\ndirector, manager, secretary or other similar officer of the body\ncorporate or a person who was purporting to act in any such capacity,\nthe person, as well as the body corporate, commits that offence and,\nsubject to regulation 55U, is liable \u2014\n(a) to the penalty under regulation 56; or\n(b) to an administrative fine imposed by \u2014\n(i)\nthe Monetary Authority in accordance with the Monetary\nAuthority Act (2020 Revision) or regulations made under\nthat Act; or\n(ii) a Supervisory Authority other than the Monetary\nAuthority in accordance with these Regulations.\u201d; and\n(b) by repealing paragraph (3) and substituting the following paragraph \u2014\n\u201c(3) Where an offence under these Regulations committed by a\npartnership, or by an unincorporated association other than a\npartnership, is proved to have been committed with the consent or\nconnivance of, or is attributable to any neglect on the part of, a\npartner in the partnership or a person concerned in the management\nor control of the association, the partner or person, as well as the\npartnership or association, commits that offence and subject to\nregulation 55U, is liable \u2014\n(a) to the penalty under regulation 56; or\n\nRegulation 35\nAnti-Money Laundering (Amendment) Regulations, 2024\n\nPage 18\nSL 8 of 2024\nc\n\n(b) to an administrative fine imposed by \u2014\n(i)\nthe Monetary Authority in accordance with the Monetary\nAuthority Act (2020 Revision) or regulations made under\nthat Act; or\n(ii) a Supervisory Authority other than the Monetary\nAuthority in accordance with these Regulations.\u201d.\n35.\nAmendment of Schedule 2 - prescribed provisions and breach categories\n35. The principal Regulations are amended in Schedule 2 as follows \u2014\n(a) in column 1 by inserting after the words \u201c53A\u201d the words \u201cand 53AA\u201d;\nand\n(b) by deleting the reference in column 1 to the prescribed provision in respect\nof regulation 57 and its corresponding category of breach in column 2.\nMade in Cabinet the 9th day of April, 2024.\nKim Bullings\nClerk of the Cabinet","akn_extracted_at":"2026-06-22 15:43:54.041058+00","cms_id":"2024-0008","law_type":"amending","year":"2024","number":"8","title":"Pharmacy Act, 2024","status":"spent"},"provenance":{"files":[{"file_id":"6821","expr_id":"2041","kind":"akn_xml","filename":"2024-0008.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2024\/2024-0008\/2024-0008.akn.xml","content_md5":"57d2414ee6a8aa1eb1d2ab89247603f5","byte_size":"37099","http_last_modified":null,"fetched_at":"2026-06-22 15:43:54.13957+00"},{"file_id":"4081","expr_id":"2041","kind":"pristine_pdf","filename":"2024-0008.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2024\/2024-0008\/2024-0008.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2024\/2024-0008\/2024-0008.pdf","content_md5":"6ffd103ea160907de6f980543db4e961","byte_size":"373627","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.17888+00"},{"file_id":"4082","expr_id":"2041","kind":"working_pdf","filename":"2024-0008.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2024\/2024-0008\/2024-0008.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2024\/2024-0008\/2024-0008.pdf","content_md5":"6ffd103ea160907de6f980543db4e961","byte_size":"373627","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.17888+00"}],"paragraph_count":27,"latest_history":null},"quality":{"expr_id":"2041","doc_id":"2041","quality_state":"known_issue","quality_score":"59","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_title_metadata}","finding_severity_counts":"{\"low\": 1, \"high\": 1, \"medium\": 1}","finding_summary":"stored title is not visible in the opening extracted text; repeated line furniture detected: cayman islands x3; proceeds of crime act x3; 2024 revision x3","assessed_at":"2026-06-22 15:29:46.581604+00","updated_at":"2026-06-22 15:29:46.581604+00"}}