Are you ready for CARA’s new regulatory regime?
The Cayman Attorneys Regulation Authority (‘CARA’) is committed to supervising attorneys in the Cayman Islands as one set of gatekeepers to the Cayman Islands financial system.
Attorneys play a key role in detecting and preventing money laundering, terrorism financing and proliferation financing. The Cayman Islands Legal Practitioners Association (‘CILPA’) is the designated professional supervisory body for firms of attorneys and sole practitioners in the Cayman Islands pursuant to the Proceeds of Crime Law (2019 Revision) and Anti-Money Laundering Regulations (2018) Revision (as amended). CILPA in turn established CARA as an independent subcommittee of CILPA and appointed persons with relevant experience to serve of the CARA Board. All anti-money laundering (‘AML’), counter-terrorism financing (‘CFT’) and counter-proliferation financing (‘CPF’) supervisory functions have been delegated to CARA. CARA’s establishment aims to ensure that the Cayman Islands has a robust and effective AML/CFT/CPF regime for firms of attorneys (including sole practitioners). It acts independently and is responsible for supervising, monitoring and enforcing attorneys’ compliance with their AML/CFT/CPF obligations. CARA provides AML/CFT/CPF guidance to its supervised members and works alongside government, law enforcement and other supervisory authorities to improve the Cayman Islands’ legislative and policy framework on AML/CFT/CPF.
Registration with CARA
Registration with CARA is required for certain firms of attorneys (including sole practitioners) to ensure compliance with Financial Action Task Force recommendations and the Anti-Money Laundering Regulations (2018) Revision (as amended). For the purposes of compliance with registration, CARA suggests each registrant completes the registration form using their best efforts. Where a registrant has not historically captured the requested data, they should provide best estimates of the information requested. Following completion of the registration period, each Registrant will be expected to implement processes to the data outlined in the registration form. Please email the registration form to firstname.lastname@example.org. CARA appreciates that the form is very detailed and will take some time for each registrant to complete. Any extension requests must be submitted to email@example.com in which the reasons why the form cannot be submitted in time are clearly set out in detail. The CARA Board and/or Head of Supervision of CARA will carefully consider the merits your extension request.
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CARA is running seminars throughout 2019 and 2020 to explain the new regulatory regime and its consequences. The next event will be held on 28 August 2019 to explain SARs and Sanctions.
See our list of events