CIMA Hosts AML Outreach Session for Banks & Trust and Corporate Service Providers

Photo caption: Representatives of bank licensees and regulated TCSPs were actively engaged in presentations at CIMA’s recent AML outreach session.  

Grand Cayman, Cayman Islands (18 September 2019) The Cayman Islands Monetary Authority (“the Authority") hosted an anti-money laundering ("AML") outreach session for bank licensees and representatives of regulated trust and corporate service providers ("TCSPs") at the Westin Grand Cayman Governor’s Ballroom on Friday, 13 September. Invited TCSPs included insurance managers and fund administrators that provide registered office and other company management business services to their clients. The aim of this outreach session was to provide guidance which would assist such businesses to become compliant with international standards, and AML and counter financing of terrorism ("CFT") laws and regulations.

Presenters from the Authority and the Cayman Islands Financial Reporting Authority shared important information about a number of AML/CFT topics.   Among the topics discussed were the implementation of the National Risk Assessment, high-risk deficiencies that businesses should consider during their own on-going monitoring, risk-based best practices, the new administrative fine framework for breaches of the regulatory laws and the AML Regulations, expectations of suspicious activity report filing and applicable Targeted Financial Sanctions regimes.

Managing Director, Mrs. Cindy Scotland said, “I am confident that outreach sessions such as these will further support the Authority’s commitment to ensuring that participants in our financial services industry implement the FATF recommendations to the highest standard.”

Mrs. Scotland also stated that as the Authority continues to play its part in enhancing the regulation and supervision of the financial services industry in the Cayman Islands, it will do everything in its power to increase vigilance over global money laundering, terrorist financing and proliferation financing activities.

Over the coming months, the Authority intends to expand its outreach efforts to local industry participants, its offshore licensees, global stakeholders as well as the general public. This will be done through the use of topical video presentations along with other effective strategies.

Photo caption: CIMA’s Head of Fiduciary Supervision Division, Mr. Rohan Bromfield shared useful examples of AML best practices that trust businesses should consider during risk assessment.

Photo caption: FRA’s Head, Mr. RJ Berry shared important details about expectations for suspicious activity report filing.