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May 1st marks the start of Cayman’s new Anti-Money laundering regulations

New board policies are being introduced by Cayman’s Department of Commerce & Investment (DCI), affecting money-lending businesses as part of its new anti-money laundering regulation starting on May 1st.

One of the new requirements is to submit proof of the source of funds when applying for a money-lending business license. The applications will be subject to a simplified Due Diligence by the DCI, and the licensing period is reduced to five years. Those interested in longer periods will be required to submit applications with updated information about the project.

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