Deadline extended for risk assessment surveys

| 09/04/2015 | 0 Comments

(CNS Business): Cayman Finance officials said when it comes to tackling money laundering and terrorist financing in the Cayman Islands, it’s all about working together as an industry to create awareness and solutions to this issue. The firm recently hosted a free informational seminar regarding the Cayman Islands Government’s Money Laundering/Terrorist Financing National Risk Assessment Surveys, which are currently underway. Now, officials said, based on the feedback provided at the seminar, they are extending the survey deadline in order to facilitate greater participation.

CNS Business

Jude Scott, CEO Cayman Finance

We were pleased to hear the survey deadline had been extended.  This is a great example of Cayman Finance facilitating meaningful dialogue between industry and government to achieve a mutually beneficial outcome and we plan to continue to offer these opportunities to the industry,” Cayman Finance Chief Executive Officer Jude Scott said.

He added, “The results of these surveys are very important to the future of the Cayman Islands financial services industry, so Cayman Finance wanted to provide an opportunity for individuals to gain a better understanding of the process, while having the chance to have their questions answered.”

Head of the Anti-Money Laundering Unit, Attorney General’s Chambers Francis Arana lead the question and answer session during the open seminar.

“These surveys are the first step in a much wider assessment of the Cayman Islands by the FATF, therefore, as a jurisdiction, it is vital that we get as many accurately completed surveys as possible,” Arana said. “The seminar was an ideal platform allowing me to explain the surveys’ intricacies in more detail.”

Sandra Edun-Watler, President of the Cayman Islands Compliance Association, was one of many industry association representatives as the seminar.

“I felt the message got across to those who may not have had an appreciation or previously known the importance of properly preparing for the assessment, the tremendous collaborative work involved, and the reasons behind why this survey is being undertaken,” Walter stated.

The Risk Assessment Survey deadline is extended to Friday, 24 April. Officials added they hope to receive more participation from particularly the securities industry.

Tags: ,

Category: Finance, Financial Crime, Financial Services

Please include your email address in the form below if you are using your real name. You can use a pseudonym, with or without leaving an email address, or just leave the form blank to be "Anonymous". All comments will be moderated before they are published. The CNS Comment Policy is at the top of this page.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: