CIMA Expands Outreach Efforts (2020-02-06)

Summary

This is a purely informational notice from the Cayman Islands Monetary Authority (CIMA) announcing that it will expand its outreach efforts to licensees and industry stakeholders by publishing topical online presentation videos on its website. The initiative is aimed at helping businesses understand and comply with Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) laws and regulations.

The first set of videos will cover the following topics:

• The new administrative fines framework
• Ongoing monitoring considerations
• Best practices for a risk-based approach
• Findings from the National Risk Assessment
• Expectations regarding suspicious activity report filing
• Applicable Targeted Financial Sanctions regimes

CIMA states that new videos will be posted on an ongoing basis as a supplement to in-person presentations, which are harder to achieve full attendance for. This notice does not impose any new legal or regulatory requirements; it simply informs licensees and other stakeholders about the availability of educational resources and encourages them to make use of these materials to support AML/CFT compliance.

Applies to

licensees