DCI launches online compliance system for non-financial businesses

The Department of Commerce and Investment has launched an online system for so-called designated non-financial businesses and professions (DNFBPs) – a term used to describe companies outside of financial services that fall under anti-money laundering regulations.

The department is the regulatory supervisor for real estate agents, real estate brokers, property developers, precious metals dealers and dealers in precious stones.

The online system, which is accessible at www.dci.gov.ky, allows those businesses and professionals to register online, update information and submit documents such as transactions reports.

The system, which will be used to manage registrations, desktop reviews and administrative fines, will also function as a mechanism for communication between DCI and DNFBPs.

DCI Director Ryan Rajkumarsingh said in a press release that part of the department’s obligations to the Caribbean Financial Action Task Force is to ensure that regulated industries are compliant or taking steps to achieve compliance with the requirements established under the anti-money laundering regulations.

He said the department will provide the needed support, communicate with the relevant businesses and ensure its services.

Claudia Brady, the department’s head of compliance and enforcement, said the new system will be more convenient and less time-consuming. “It will facilitate efficient and secure interactions between DCI and DNFBPs. This is part of our continued efforts to improve customer service as we strive to be a world class civil service and also protect the reputation of the Cayman Islands,” she said.

The e-government unit in the Ministry of Commerce, Planning and Infrastructure managed the online project. Unit director Ian Tibbetts said as part of the expansion of government services online, currently 96% of company registrations, annual returns and director changes are done digitally.

In a few days, the press release said, the unit will also launch an online system to allow applications for naturalisation or registration as a British Overseas Territories Citizen, as well as a system to facilitate submissions for publishing in the Gazettes.

Other online projects recently delivered by the e-government unit include Department of Vehicle and Drivers’ Licensing renewal for guest users and the DCI’s trade and business licence service which allows business owners to apply or renew their licences online. During the past three months, 74% of all trade and business transactions were done online.

“These services have transformed the way our customers can now do business with the Cayman Islands Government, and forms a key part of our strategy to deliver more efficient services to the businesses and the general public,” Tibbetts said.

To accommodate DNFBPs that do not have online access, the DCI will continue to accept hard copies of applications until all of these businesses and professions are added to the new system. Documents should be submitted to the Department of Commerce and Investment counter at the Government Administration Building.

Members of the public can contact the compliance section of DCI via email at [email protected].

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