Cayman develops online AML learning platform

| 11/02/2020 | 11 Comments

(CNS): As part of continuing efforts by the Cayman Islands to fill gaps in its regime dealing with financial crime identified by the Financial Action Task Force (FATF) and avoid potential black-listing, the government, with support from Cayman Finance, has developed online learning modules relating to anti-money laundering, countering terrorist financing, and countering proliferation financing (AML/CTF/CPF).

These free, self-paced, on-demand lessons are available for people in the financial services industry and in designated non-financial businesses and professions, such as lawyers and realtors. The objective is to reinforce Cayman’s effective practice of the FATF global standards, by facilitating the cascading of knowledge of AML/CTF/CPF throughout all levels of industry.

The modules provide an overview of financial crime, including government’s structure and CFATF (Caribbean Financial Action Task Force) process; risks in the Cayman Islands for lawyers, accountants, realtors, non-profit organisations, and dealers in precious metals and stones, as well as the obligations of financial services businesses.

Each module is followed by a short quiz to solidify the learnings.

“Industry members can choose the modules that best fit with their responsibilities, or complete them all,” said Justine Plenkiewicz, Deputy National Coordinator for the Anti-Money Laundering Steering Group (AMLSG), who coordinated the modules’ production. “The aim of the online learning platform was to make information easily accessible to anyone who works with the Cayman Islands’ AML/CFT/CPF framework, whether they are based here or overseas.”

“The modules allow industry to further enhance their compliance with Cayman’s framework, which is based on the FATF standards,” said Attorney General Samuel Bulgin.

The short videos were prepared and narrated by government’s National Coordination Team, which is assisting the Anti-Money Laundering Steering Group (AMLSG), and the authorities that supervise various industry sectors. Most of them were produced by Government Information Services.

Ben Meade, Cayman Finance’s communication and public relations manager, said, “We are pleased to be able to have our eLearning platform used a vehicle to disseminate this important information. Like government, industry is committed to maintaining and enhancing the Cayman Islands’ position as a leading international financial centre.”

As more content is developed, industry members will be notified when new modules are added to Cayman Finance’s e-learning platform.

Click here to access Cayman Finance’s e-learning platform.

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Category: Business, Financial Services

Comments (11)

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  1. Anonymous says:

    A bit late. Ignorance is no excuse for making the blacklist again!

  2. Anonymous says:

    Before we deal with tax issues we need to resolve the clear corruption in this government.

  3. Anonymous says:

    How about offering a course to Government to teach them about conflicts of interest and the particular risks with regards their appointment of the “foxes to guard the henhouse” which currently exists with the structures the Government has recently licensed to conduct AML regulation of the legal profession?
    In boggles the mind to see that they have so boldly assisted a veritable cartel of the large GT law firms to form a company controlled by the said cartel (“CILPA”) to become a “self-regulatory body” for the purpose of AML, of all things, and then further allow and assist that body to set up a fictional “regulator”, which calls itself “the Cayman Attorneys Regulatory Authority”, as if it were in fact a legally created statutory authority, which non-entity has now developed its own “Enforcement Policy” which, along with a newly enhanced AML regime, proclaims the imaginary “CARA” have powers that only fall just short of what the Gestapo had in the early 1940s in Germany.
    It is of importance to note that one of the lead staff in this newly-minted and most imaginative creature of non-statute is the partner of one of the said firms, and the “Head of Supervision” who earns as high a salary as an MLA, is his friend from London.
    And the government of this “land of laws” sits by and permits and assist all of this, and when challenged, can only utter in its defense (or rather, mitigation) vacuous statements about the creation of “Chinese walls”, whilst insisting that “we are not a banana republic”. I actually agree with that, we are far worse off than a banana republic, because we don’t have any bananas. All of this is easily verifiable fact, for anyone who cares enough to check. You really couldn’t make this up.
    One has to wonder if the FATF/CFATF are really that dumb to accept this whole charade as appropriate for anti-money laundering? Perhaps it will lead to even more “review fatigue”. And a few lawsuits… Only time will tell.

    • Alric Lindsay says:

      1. I have always had a concern that small businesses in the Cayman Islands do not have the resources or cannot afford expensive legal advice to become fully equipped or to fully understand and implement the requirements of complex AML regs.

      2. The “new” level of proposed outreach by the Cayman government does not appear to have existed before. But it is now being done because the Caribbean Financial Action Task Force emphasized the importance of outreach. To a certain extent, the CFATF wants to ensure that the little man on the street is also aware of his or her AML obligations.

      3. The outreach might be a little late because the CFATF may be expecting small business owners to grasp the complex legal jargon of the regulations within a short time frame. This mention of a short time frame is significant because the CFATF is probably expecting to issue a follow up review of the jurisdiction with the aim of giving a positive review of the jurisdiction. A positive review can probably only be accomplished if small businesses are on the same page as large law firms. Being on the same page may require small businesses to obtain detailed legal advice and not just do-it-yourself videos put on by government.

      4. CFATF also wants to see more enforcement actions and penalties. Unfortunately, small businesses may be the victims of such actions and penalties. The situation is even more complex for small businesses that are law firms. Here is why:

      (a) the Cayman Islands Legal Practitioners Association created a “board” largely consisting of partners the largest law firms.

      (b) that “board” created a subcommittee. The subcommittee Is called CARA.

      (c) as CARA is not a legal entity and has no legal personality.

      (d) because of the above structure, it is actually impossible for CARA to be independent. CARA is simply a committee which was created by the board of CILPA. This means that any information gathered by CARA can be accessed by the board of CILPA. As an illustration, any client sensitive information obtained by CARA as AML regulator of small firms may be shared with the board of CILPA,
      comprised of competing law firm partners. Such competing firms could therefore cause CARA to launch a random investigation of a small law firm and the information gathered could be shared with partners of large law firms. That is, to say, the end of small law firms.

  4. Anonymous says:

    What does the course teach about practicing Cayman law without a practicing certificate? That used to be considered an offense and so constituted money laundering. Is it OK now?

    • Anonymous says:

      No, still an offense. Still money laundering. Still no efforts to stop it. Still all a total farce.

      • Anonymous says:

        Which is why the present attempt to “regulate” the legal profession is meaningless. If, as appears clear, some major firms are in fact ongoing willing participants in potential breaches of Cayman law, their ability to impose their “morality” on others is doomed. It lacks integrity. Without that fundamental requirement no authority can stand.

  5. Anonymous says:

    The Financial Action Task Force has one purpose and one purpose only. To make it impossible to operate in any jurisdiction without being subject to the end goal of global taxation.

    • Anonymous says:

      Its called leveling the playing field

      • Anonymous says:

        It’s called destroying competition by destroying successful tax and economic models, to force everyone in their globalist wealth redistribution Ponzi schemes.

    • Anonymous says:

      You describe the OECD. The FATF have their own realm of policy bias and paradoxes concerning access to custodial relationships/international payments/settlements systems and discretionary meting of justice. It is remarkable that Canada, nearly failed their last inspection in 2016, so have asked not to have one since.

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