As the year moves towards a close, it is important to remember that Directors and Senior Managers of Financial Service Providers (FSPs) (including Funds and SIBL-Registered Persons) operating in the Cayman Islands are required to undertake annual Cayman Islands specific Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) training.
The Guidance Notes, in conjunction with the AML Regulations, state that Directors and Senior Managers should understand the statutory duties placed upon them, their staff and the firm itself given that these individuals are involved in approving AML/CFT policies and procedures. In addition, senior management (including Board of Directors) should receive a higher level of training covering all aspects of AML/CFT procedures, including the offences and penalties arising from the relevant primary legislation for non‐reporting or for assisting money launderers, the procedures relating to dealing with production and restraint orders and the requirements for verification of identity and retention of records.
INDOS Financial delivers annual “in person” rather than electronic AML/CFT training as an inclusive part of its AML Officer services to Cayman Islands fund clients. We would be pleased to provide equivalent training to other firms that may be considering upgrading their AML service provision, or outsourcing the AML officer duties for the first time.
Please contact Matthew Queree, Head of AML Services at INDOS Financial, if you would like to find out more.