Non-financial businesses receive AML training

Claudia Brady, head of compliance and enforcement in the Department of Commerce and Investment presents at AML workshop.

The Department of Commerce and Investment has partnered with the Cayman Islands Centre for Business Development to host a workshop for so-called designated non-financial businesses and professions (DNFBPs) that are subject to anti-money laundering laws and regulations.

The workshop provided an interactive session for participants from various industries under DCI’s supervision including real estate brokers, property developers and dealers in precious metals and stones.

It covered an overview of the Financial Action Task Force, anti-money laundering and counter terrorist financing, suspicious activity reporting, what to expect during compliance inspection and other topics.

The participants also engaged in discussions to identify and protect Cayman Islands from financial sanction risks related to money laundering and terrorist financing inherent to their sectors.

Presenting at the event were Francis Arana, head of the government’s anti-money laundering unit; R.J. Berry, director of the financial reporting authority; Dr. Lisa Bowyer, principal consultant, Liberty Consulting; and Claudia Brady, head of compliance and enforcement at DCI.

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The DCI, in its role as the anti-money laundering regulator for DNFPBs, said it will host future training and outreach sessions to support real estate agents, brokers and developers to strengthen their AML and counter-terrorist financing frameworks.

Each participant at the workshop was presented with a certificate of attendance.

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