MLRO Services

For Cayman Investment Managers and Advisors registered under the SIBL it is Mandatory to have a MLRO.
MLRO image

The statutory requirements for the appointment of an MLRO for Cayman Managers are:

  • The MLRO must be a natural person and be named in the SIBL.
  • The MLRO must meet and comply with Cayman legislative requirements.
  • There is no requirement for the MLRO to be a Cayman resident.

If you are registered under the SIBL as an Investment Manager or Advisor it is mandatory to have a MLRO.

How can Apex Help?

Apex now offers its clients MLRO services covering the following:

  • Many Cayman funds set up a Cayman IM / IA and if the manager opts out of MLRO support services on the fund, the MLRO can be provided by a third party such as Apex.
  • Apex MLRO support services ensure controls and procedures are in place to prevent money laundering and operates independently of any AML/KYC services already provided.
  • Apex MLRO support services ensure that the person allocated to this role is well versed in the different types of transactions handled.
  • The MLRO will have in depth knowledge of all aspects of the primary legislation, regulations and internal policies.

Why is a MLRO important?

  • An MLRO will ensure that compliance with Cayman law and regulation is monitored, controlled and maintained.
  • The MLRO will ensure appropriate disclosures are made to the relevant Reporting Authority to maintain compliance.
  • Having an MLRO in place keeps third party service provider fees reasonable by managing risks effectively.

Managing Director for Apex Cayman, Rayal Bodden, talks to HedgeWeek about MLRO requirements in Cayman and the importance of this role for fund managers

Download more detailed information on Apex’s MLRO services or contact your local Apex office now for assistance: Apex Offices