Introduced by James Kidd to Edward in the Great Inagua hideout. He will give you the first key. There are 4 more to collect within the West Indies Seas. To collect a key you need to complete a set of 4 self-contained missions found on the various islands.
By helping the Assassins to kill these Templars, Edward will receive the Templar Armor. This armor will reduce the damage Edward takes by 25%.