DISCLAIMER: This post was last modified on 24 June 2024. Some information in this article may not be updated.

The AML frameworks of the British Virgin Islands and the Cayman Islands impose various ongoing obligations on both investment funds and investment managers, as detailed in this update. One of these is that principals of investment funds and investment managers are required to take annual AML trainings. This is to make sure that they are aware of the applicable AML laws and regulations as well as their duties and responsibilities in that regard. Principals are basically the directors of companies, the GPs of partnerships as well as the appointed AML officers (such as the anti-money laundering compliance officer (AMLCO) and (deputy) money laundering reporting officer (DMLRO/MLRO).

Bolder Group offers tailored AML trainings and has recently updated and migrated these trainings to BRIGHT, our new learning and development portal that offers a training environment with cutting-edge technology. This is a dedicated training portal where we have custom-made training solutions for various governance and compliance topics, such as specific AML trainings for directors / AMLCOs / MLROs / DMLROs of Cayman Islands entities as well as an AML training for principals of British Virgin Islands entities. Each principal of an investment fund or investment manager is reminded to do an annual AML training and to keep a log of the trainings done for each year. Please reach out to your usual Bolder contact or to David Payne or Bastiaan Koelewijn, and we can quickly set up the relevant training for you.