Supervisory bodies receive specialised AML training

Anti-money laundering staff from various entities at the specialised AML/CFT training session.

The Cayman Islands government organised an anti-money laundering training for the supervisors of financial services and other designated businesses and professions under the applicable AML laws and provisions.

These include lawyers, accountants, realtors, dealers in precious metals and stones, and trust and company service providers.

The session, held 8-10 Jan. at the Grand Cayman Marriott Beach Resort, was led by Glenda Leben, supervision advisor for the Caribbean Financial Action Task Force, the regional affiliate of the standard-setting body that found shortcomings in Cayman’s AML regime in a report issued in March 2019.

Leben provided an overview of the 40 recommendations made by the Financial Action Task Force and how they are related to the effectiveness of supervision in the anti-money laundering and countering terrorism financing space, according to a press release.

The FATF has identified 11 key goals to ensure an effective AML system and countries are assessed against these 11 so-called immediate outcomes.

One goal specifically focusses on supervision and how AML/CFT supervisors may be able to use this information to facilitate and enhance their approach to risk-based supervision, Leben told the group. It requires supervisors “to appropriately supervise, monitor, and regulate financial services and DNFBPs – designated non-financial businesses and professions – for their compliance with AML/CFT requirements. And this compliance is to be in line with their respective risk profiles,” she said in the release.

The training concluded with a simulation on how to incorporate risk profiles during supervision exercises for financial services and DNFBPs.

Anti-money laundering staff from the Cayman Islands Monetary Authority, the Cayman Attorneys Regulatory Authority, the Cayman Islands Institute of Professional Accountants, the Department of Commerce and Investment, the Registrar of Companies and Cayman’s Anti-Money Laundering Unit attended the training.

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