A compliance workshop takes place this Thursday (12 October 2017) at the Marriott Beach Resort to brief professionals within the real estate sector and dealers in precious metals and stones on the function of the Department of Commerce and Investment as the Anti-Money Laundering Regulator for these two industries.

Targeting those businesses classified as Designated Non-Financial Businesses and Professionals (DNFBPs), the free seminar will be repeated over two sessions. The workshops take place from 9 am to 12 noon and again from 1.30 pm – 4.30 pm. All such dealers and professionals are encouraged to attend.

“Building on the DNFBP risk published in the National Risk Assessment, this capacity building workshop will seek to address some of the key issues, concerns and challenges that the Cayman Islands faces in its efforts to protect DNFBPs from money laundering and terrorist financing,” DCI Director, Mr. Ryan Rajkumarsingh explained.

“The objective of the workshop is to develop a shared understanding of the concept, approach and methodology the DCI will be using for preventing money laundering and terrorist financing (ML/TF) within these sectors and to enhance the capacity of DNFBPs to deal with such issues”, Mr. Rajkumarsingh elaborated.

The focus will be on assisting real estate agencies and dealers in precious metals and stones to understand the role of the Regulator whilst assisting them conduct comprehensive ML/TF risk assessments of their businesses and, thus, build a robust anti-money laundering and anti-financing of terrorism compliance regime.

Urging all businesses and individuals operating in the Cayman Islands within these sectors to attend this very important, free workshop, the director said it would improve attendees’ understanding of what is means to be regulated and for money laundering and terrorism financing within their specific sectors.
Outlining what attendees can expect from the programme, DCI Head of Compliance, Ms Claudia Brady said, “The workshop will share the latest information and updates on recent developments. It will also include active discussion about implementation and reporting of money laundering and terrorism financing within these sectors to the DCI as their new regulator.”

Added DCI Assistant Head of Compliance, Ms Jessie Melbourne, “This workshop will help these sectors to become compliant with international standards in anti-money laundering and counter terrorism financing. These are standards that the Cayman Islands will have to demonstrate are being complied with before an international assessment in December this year.”

For more information or registration, please contact 244-3167 / 244-6676 or email [email protected].

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IMAGE: Nymity Workshop