Money laundering policies updated

The Cayman Islands Real Estate Brokers Association utilized the expertise of Bodden Compliance Services Ltd. to review and update the association’s anti-money laundering policies and procedures as well as its anti-money laundering staff training manual.

This undertaking will help to keep CIREBA’s member agencies in compliance with Cayman’s anti-money laundering regime, the association said in a press release.

CIREBA’s compliance strengthening efforts also extend into meeting with the reporting officers of each CIREBA member agency to assess their level of compliance with Cayman’s anti-money laundering regimes, the release said.

Nancy J. Saurm Bcomp’s Compliance Officer and director, applauded CIREBA’s efforts as the association and its members ‘continue to play their part in the global fight against money laundering and terrorist financing. Through this project we have provided them with additional tools to make this part of their job that much easier.’

BComp is now conducting a series of in depth ‘Train the Trainer’ sessions where each member company’s money laundering reporting officer attends MLRO training programs. They, in-turn, will be able to confidently continue industry specific anti-money laundering training for their agents.

CIREBA’s updated procedures now include enhanced identification procedures as well as streamlined systems and training tools to maintain records, minimize the risks of utilizing real estate transactions for money laundering, and aid in the implementation of internal reporting procedures; all designed to ensure CIREBA’s members are vigilant in their duty to detect and prevent money laundering..

The Cayman Islands is the only jurisdiction in the world to regulate compliance procedures for real estate agents.