CARA regulates firms of attorneys-at law for anti-money laundering ('AML') and related fields.
The Cayman Islands Government appointed the Cayman Islands Legal Practitioners Association (‘CILPA’) as the named Supervisory Authority for monitoring anti-money laundering compliance by firms of attorneys-at-law within the Cayman Islands. CILPA delegated this supervision function to its operationally independent regulatory arm, the Cayman Attorneys Regulation Authority (‘CARA’).
Our supervisory AML responsibilities include counter-terrorism financing and counter-proliferation financing (collectively included in our reference to ‘AML’).
Registration with CARA is a distinct and separate mandatory process from registration with CILPA. It is a legal requirement all firms of attorneys, rather than individual attorneys.
The Anti-Money Laundering Regulations (‘AMLRs’) categorises all firms of attorneys-at-law admitted to practice Cayman Islands law as ‘Designated Non-Financial Businesses and Professions’ (DNFBPs), which includes: