The Cayman chapter of the Association of Certified Anti-Money Laundering Specialists (ACAMS) was launched with a high-profile event on 8 Oct. And experts say it’s an important step to bolstering the islands’ reputation as a transparent jurisdiction.
Cayman has more than 800 ACAMS members – one of the highest concentrations outside of the US and UK. Yet until now the islands didn’t have a dedicated chapter. “Having in-person events tailored to local relevance is important, rather than just global educational events,” said ACAMS Cayman Islands Chapter co-founder Amber Ramsey. “Our events will be specific to what professionals in the Cayman Islands need to know.”
The local chapter will also provide a useful networking forum where Cayman-based compliance professionals can swap notes about the latest anti-money laundering threats. “When we worked with ACAMS Global on the launch, they told us they had never had more than 75 attendees at a launch event,” said Ramsey. “We ended up with more than 150 including a large contingent of government officials.”
Front line soldiers
But ACAMS arrival in Cayman is about more than just educational programmes and networking. It strengthens the jurisdiction ahead of the Caribbean Financial Action Task Force fifth-round evaluation in 2027.
“You all are our soldiers on the front line,” said Premier André Ebanks speaking at the event, which was held at The Ritz-Carlton, Grand Cayman. “You remember that formula – no matter what your boss is saying, no matter what the client says – we are not going back on the Grey List.”
Scoring poorly in the evaluation would have a wider impact beyond the compliance industry, explained event guest speaker Kieran Beer who is the chief analyst and director of editorial content at ACAMS. “To be blacklisted or grey-listed by the FATF is a horrible thing – it raises your cost of doing business and makes it harder to get correspondent banking relationships.”
“The integrity of the Cayman Islands financial system rests in the ability to ensure that we’re compliant,” said Ramsey.
Her co-founder, Sandra Edun-Watler, explained exactly how ACAMs members can help Cayman. “FATF sets out 40 recommendations, and as compliance officers we’re keenly aware of these. We make sure that the organisations we work in, or help with, are complying with those standards, so that people in industry can feel assured we are following them.”
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