In the last 18 months, the Cayman Islands has made key legislative updates to boost both its AML and Data Protection regimes in the form of a 2017 revision of Anti-Money Laundering Regulations and the passing of the Data Protection Law (“DPL”).
The USA is in some ways a contradiction in terms of Anti-Money Laundering (“AML”) rules. While in many ways the USA has traditionally been the driving force behind international sanctions and countering the financing of terrorism, it has trailed behind other jurisdictions in the imposition of strict rules on non-banking financial institutions to perform the type of Know Your Client (“KYC”) checks on customers that are the accepted practice in Europe.
Beyond the hype, however, what exactly is Fintech? Why is it booming now and why should Private Equity managers pay attention?
The European Union General Data Protection Regulation (GDPR) comes into effect on May 25th 2018 and with just a few months left to comply with the requirements, time is of the essence for businesses.