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The Cayman Islands continues to overhaul its AML regime, and tips for being efficient and tech-savvy

The Cayman Islands has been overhauling its anti-money laundering (AML) regime in recent months, with the latest update seeing it publish revised AML notes, focusing on electronic Know Your Customer (e-KYC), remote customer due diligence and ongoing monitoring. The revised guidance incorporates changes to support digital identification in line with Financial Action Task Force guidance, allowing remote client onboarding and the use of e-KYC and digital ID technologies based on risk assessments. Notably, for corporate legal entities, publicly available sources such as company registries can now be used for verification. Electronic documents are acceptable if supported by suitable policies. Regulated entities must assess the suitability of these digital solutions for customer due diligence, including risk assessment and cybersecurity measures. Video conferencing, selfies and access to digital records are discussed as well, emphasising the importance of clear photographs and verification against public sources. This update aims to enhance AML efforts while embracing digital solutions. For more details, consult the full revised guidance notes and related Chartered Institute of Management Accountants guidance.

The legal landscape is faster-paced than ever, meaning that general counsel and legal operations managers are under pressure to boost efficiency, reduce risk and manage growing workloads. The solution? Embrace artificial intelligence (AI) technology to streamline workflows . According to the Thomson Reuters State of the Corporate Law Department 2023 Report, legal departments are facing more matters with tighter budgets. To address these challenges, Thomson Reuters offers a valuable guide called ‘Getting started with legal intake and matter management’. It helps in-house lawyers harness AI’s power, make informed decisions, unlock team potential and drive innovation in workflow management. Explore the guide for improved efficiency and costs control.

Another way that lawyers are looking to make ends meet in a tech-savvy world is through automating tasks. Many worry, though, that the fact they aren’t particularly tech-savvy themselves will be a hindrance to digitisation. Fortunately, ‘ visual development platforms’ are empowering lawyers and legal operations teams to bring their automation ideas to life without prior coding experience. These platforms enable ‘citizen development’ where non-technical individuals can create custom digital tools quickly and easily. Why bother? Because if you think you can automate something, you probably can, and these platforms streamline the process. Plus, it’s an investment in time and money, because those closest to a process understand it best. Visual development platforms simplify the journey from idea to a fully working digital solution in just hours or days. Find out more from Neota.



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