The Cayman Islands Monetary Authority (CIMA) recently published the first edition of its bi-annual Supervisory Issues & Information Circular (Circular). Aiming to “raise awareness, in the industry, of common regulatory and thematic issues identified through our off-site and on-site supervisory practices and highlight regulatory developments for the financial sector,” the Circular identifies several regulatory initiatives important for hedge fund managers and other licensees. In addition, CIMA outlined the minimum elements it expects to be included in hedge fund managers’ anti-money laundering programs. This article explores the guidance contained in the Circular. For guidance from CIMA on fund governance, see “CIMA-Sponsored Survey Highlights Hedge Fund Industry Views on Cayman Islands Corporate Governance Practices and Suggested Reforms” (Jul. 11, 2013); and “Cayman Islands Monetary Authority Introduces Proposals to Apply Revised Governance Standards to CIMA-Regulated Hedge Funds and Require Registration and Licensing of Fund Directors” (Jan. 24, 2013).