It is the policy of Pryvate Limited (Caymans) to conduct its business at all times in compliance with all relevant legislation and guidance in force or issued in Caymans to counter money laundering and the financing of terrorism. Pryvate Limited (Caymans) has established and maintains appropriate and effective policies, procedures and systems to assist it in complying with AML/CFT requirements.
The AML/CFT regime in Caymans is built around a number of criminal statutes and orders which set out a series of headline criminal offences for those who engage in, or help others engage in, money laundering or the financing of terrorism. The main criminal statutes which criminalise money laundering and the financing of terrorism are as follows:
- The Proceeds of Crime (Caymans) Law 1999;
- The Proceeds of Crime (Miscellaneous Amendments) (Caymans) Regulations 2016;
- Civil Asset Recovery (International Co-operation) (Caymans) Law 2007;
- Investigation of Fraud (Caymans) Law 1991;
- Money Laundering and Weapons Development (Directions) (Caymans) Law 2012;
- Proceeds of Crime (Caymans) Law 1999;
- Proceeds of Crime (Supervisory Bodies) (Caymans) Law 2008;
- Terrorism (Caymans) Law 2002;
- Money Laundering (Caymans) Order 2008;
- Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism 2008;
- Non-Profit Organizations (Caymans) Order 2008;
- Proceeds of Crime (Supervisory Bodies) (Designation of Supervisory Bodies) (Caymans) Order 2008;
- Community Provisions (Wire Transfers) (Caymans) Regulations 2007;
- Proceeds of Crime and Terrorism (Tipping off – Exceptions) (Caymans) Regulations 2014;
- The Al-Qa'ida and Taliban (United Nations Measures) (Channel Islands) Order 2002;
- Forfeiture of Assets (Civil Proceedings) (Caymans) Law 2018; and
- Sanctions and Asset-freezing (Caymans) Law 2019.
The AML/CFT criminal offences set out in the legislation are then underpinned by a series of rules and requirements which are aimed at preventing Caymans from being used by money launderers and terrorists. These preventative rules are set out in the:
- Money Laundering (Caymans) Order 2008
CPEJ has 4 tiers of users. Level 0 – View only access
Level 1
Document KYC verification: ID & Visual check and address check via geolocation capabilities of Shufti. PEP/Adverse Media Check.
- Crypto withdrawal limit: 1,000 EUR or equivalent
- Crypto deposit limit: Unlimited
- Deposit/Withdraw Fiat limit: 1,000 EUR or equivalent.
- Crypto trading: Unlimited
- One off limit of 1,000 EUR Deposit/Withdrawal must not be exceeded.
- STO Launchpad access
Level 2
Address KYC verification: ID & Visual check as above with confirmation of address
- Crypto/Fiat withdrawal limit: Weekly Aggregate up to 50,000 EUR or Equivalent
- Fiat deposit limit: Weekly Aggregate up to 50,000 EUR or Equivalent
- Crypto trading: Unlimited
- OTC / STO / Pryvate Elite access
Level 3
Verification Source of Funds: ID & Visual check as above with declaration of source of funds to be approved.
- Crypto/Fiat withdrawal limit: Weekly Aggregate up to 250,000 EUR or Equivalent
- Crypto/Fiat deposit limit: Weekly Aggregate up to 250,000 EUR or Equivalent
Level 4
Verification Source of Wealths: ID & Visual check as above with declaration of source of wealth to be approved.
- Crypto/Fiat withdrawal limit: Weekly Aggregate over 250,000 EUR or Equivalent
- Crypto/Fiat deposit limit: Weekly Aggregate over 250,000 EUR or Equivalent
Institutional KYC
Source of Funds declaration and verification.
Proof Of Address
Proof of ID
- Crypto/Fiat withdrawal limit: Limits are determined on a case by case basis
- Crypto/Fiat deposit limit: Limits are determined on a case by case basis