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Non-Financial Businesses Undergo AML Training

In its continued efforts to maintain a robust anti-money laundering (AML) sector, the Department of Commerce and Investment (DCI) recently partnered with the Cayman Islands Centre for Business Development to host a workshop for Designated Non-Financial Businesses and Professions (DNFBPs).

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.

Some of the topics covered during the workshop included overview of the financial action task force, anti-money laundering and counter terrorist financing, suspicious activity reporting, what to expect during compliance inspection, among other areas. The participants also engaged in discussions to identify and protect the Cayman Islands from anti-money laundering and counter terrorist financing targeted financial sanction risks inherent to their sectors.

Presenters at the event were Francis Arana, Head of the Anti-Money Laundering Unit, Cayman Islands Government; R.J. Berry, Director of Financial Reporting Authority; Dr. Lisa Bowyer, Principal Consultant, Liberty Consulting and Claudia Brady, Head of Compliance and Investment.

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

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