The Department of Commerce and Investment will host half-day workshops to help real estate agents and brokers, and dealers in precious metals and stones with government’s mandatory registration process.
The department will send invitations for the workshops, to be held on May 9, directly to agents, brokers, and dealers.
Anyone who believes they are eligible for the workshops are asked to contact the Department of Commerce. Workshop speakers will include Minister of Commerce Joey Hew, Cayman Islands Compliance Association President Sandra Edun-Watler and DCI’s Compliance and Enforcement team.
“These workshops are important, because registration will allow these persons to continue operating their businesses in Cayman,” said DCI Director Ryan Rajkumarsingh. “The Anti-Money Laundering Regulations (2018 Revision), which were amended in March 2018, require them to register as part of Cayman’s compliance regime, in line with global standards that are assessed by the Caribbean Financial Action Task Force (CFATF).”
All real estate agents and brokers, and precious metals and stone dealers, must be registered as designated non-financial business and professions (DNFBPs) by Wednesday, May 29. This classification by the CFATF acknowledges that these entities and individuals, while not operating in financial services, are regulated because of the global risk of money laundering, the financing of terrorism, and proliferation financing in these sectors.
Failure to register may result in administrative penalties being applied, Mr. Rajkumarsingh said.
In addition to being able to register with DCI’s assistance, workshop participants will learn about the key anti-money laundering issues and challenges for agents and dealers according to the CFATF’s evaluation of the Cayman Islands, the sector’s risk assessment and how to set up a compliance regime.
At the conclusion of this workshop, participants should know and understand the mutual evaluation report’s recommendations, the registration requirements and the results of non-compliance.
For more information on the workshops, contact DCI’s Stefanie Suckoo at [email protected]