The Cayman Islands Institute of Professional Accountants recently published its “Report on Supervision Activities of CIIPA pursuant to the AML Regulations,” which outlines CIIPA’s work throughout 2022 to combat and deter criminal activity.
As the Cayman Islands’ AML Supervisor for accounting firms, CIIPA continued its oversight of approximately 140 firms in 2022 through off-site monitoring, policy creation, consultations and outreach activities.
“We are proud to be Cayman’s AML Supervisor,” CIIPA Chief Executive Officer Sheree Ebanks said. “It’s an important role as we work together to ensure the effectiveness of our regulatory environment and maintain Cayman’s longstanding position as a global leader in the accounting profession and financial services industry.”
Two firms were subject to offsite monitoring in 2022, a process that included a review of the firms’ written controls and risks assessments. CIIPA also supports the Cayman Islands Monetary Authority in its collection of Proceeds of Crime Act declarations from public practice firms as required by the Accountants Act.
In April of 2022, CIIPA issued new guidance for accounting firms regarding the National Risk Assessment. This replaced the previous accounting sector risk assessments issued by CIIPA.
CIIPA responded to consultation conducted by the Anti-Money Laundering Unit on amendments to the Anti-Money Laundering Regulations. CIIPA also responded to both the pre-consultation and formal consultation regarding Beneficial Ownership conducted by the Ministry of Financial Services and Commerce.
Over the course of 2022, CIIPA held two AML training events, issued a Frequently Asked Questions document on sanctions stemming from the war in Ukraine, participated in two AML Compliance Officer Forums as well as an NRA Outreach programme. CIIPA continues to work closely with other local AML Supervisors.
In December, 2017, CIIPA became the AML Supervisory body for accounting firms and is charged with registering all accounting firms, monitoring for compliance, and issuing guidance, directives and procedures.
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