DCI offers AML help to vulnerable businesses

| 18/10/2017 | 0 Comments

(CNS Business): Professionals in the real estate sector and dealers in precious metals and stones were offered help and support recently from the Department of Commerce and Investment in ways to combat money laundering and terrorist financing. The sectors are classified as Designated Non-Financial Businesses and Professionals, which are still prone to the same threats and vulnerable to financial criminals. The DCI held a free workshop to address some of the key issues, concerns and challenges that the businesses face and to help protect them, DCI Director Ryan Rajkumarsingh explained in a release.

“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,” he explained.

Focusing on assisting real estate agencies and dealers in precious metals and stones to understand the role of the regulator whilst assisting them to conduct comprehensive ML/TF risk assessments of their businesses, the goal is to build a robust anti-money laundering and anti-financing of terrorism compliance regime. The director also said the workshop assisted with the understanding of what it means to be regulated on money laundering and terrorism financing within their specific sectors.

Sharing the latest information and updates on recent developments, the workshops included discussion about implementation and reporting of money laundering and terrorism financing within these sectors to help with compliance on 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,” said DCI Assistant Head of Compliance Jessie Melbourne.

Tags: , ,

Category: Local Business, Real Estate, Retail

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: