Annual AML/CFT/CPF Survey
The Legal Services Supervisory Authority (“LSSA”) conducts an Annual AML/CFT/CPF Survey using the STRIX AML platform to support its risk-based supervision of the Cayman Islands legal sector.
The Annual AML/CFT/CPF Survey assists the LSSA in assessing money laundering, terrorist financing, and proliferation financing (“ML/TF/PF”) risks across supervised firms and evaluating the effectiveness of AML/CFT/CPF controls implemented within the sector. The risk-based approach will allow the LSSA to allocate adequate supervisory resources to the supervised firms posing the greatest ML/TF/PF risk.
Information submitted through the Annual AML/CFT/CPF Survey forms part of the LSSA’s supervisory risk assessment and may be considered when determining the nature, frequency and intensity of supervisory engagement.
About STRIX AML
STRIX AML is a platform developed by Financial Transparency Solutions GmbH in Austria for supervisory authorities to automate AML/CFT/CPF risk assessments. It enables authorities to collect data, map risks and calculate inherent, control and residual risk in compliance with FATF standards using modern transport layer security protocols and encryption ciphers during data transmission, along with two-factor authentication to access the platform.
Submission Requirements
All firms of attorneys at law conducting relevant financial business are required to complete and submit the Annual AML/CFT/CPF Survey through STRIX AML by the specified deadline. Firms should ensure that information submitted is accurate, complete, and relates to the relevant reporting period. The supervised firm remains responsible for ensuring that the survey is completed accurately and submitted on time by an appropriately authorised individual.
Accessing STRIX AML
Access to STRIX AML is limited to individuals within the supervised firm who have been assigned responsibility for completing and/or submitting the Annual AML/CFT/CPF Survey. The LSSA will issue access credentials to authorised users. Once access has been granted, users will receive an email from donotreply@caymanlssa.ky containing instructions to access STRIX AML. The email will also indicate the deadline for submission.
Confidentiality
Information submitted through STRIX AML will be treated as confidential, handled in accordance with applicable legislation and used solely for supervisory purposes.
Disclaimer
The LSSA will accept no liability for any losses or damage sustained as a result of unwanted access to your information by a third party or the effects arising from the submission of fraudulent or obsolete information. It is the responsibility of the supervised firm to ensure that a secure internet connection has been established, an up-to-date anti-virus protection program is installed and that passwords and other confidential information remain guarded.