DCI continues AML checks of non-financial businesses

The Department of Commerce and Investment is continuing inspections of Designated Non-Financial Businesses and Professions across the Cayman Islands.

The inspections, which started in September, focus on real estate agents and brokers, property developers and dealers in precious metals and stones.

Under international regulations, these businesses and professions are required to set up and implement programmes to prevent their involvement in money laundering and the financing of terrorism.

The department is charged with ensuring those standards are met.

Claudia Brady, Head of Compliance and Enforcement at DCI, said in a press release, “We are reaching out to licensees to arrange inspection dates for them to provide relevant documentation. We are encouraging persons to contact us and finalise inspection dates even if they have no framework, so we can assist and support them.”

She added, “We have also sent out notifications to all licensees indicating sanctioned individuals and companies that they should not conduct business with, so we ask DNFBPs to pay keen attention to information sent to them via emails”.

Inspections and follow-up inspections typically consist of both onsite and offsite reviews. For onsite assessments, DCI will request information and documentation regarding the licensee’s policies, procedures and systems. These reviews examine how businesses apply and operate those processes and systems. The inspectors then draft a report and resolve any queries with the licensees.

Requests for additional information and questions concerning the inspection process can be sent to [email protected].