CIIPA Director speaks at regional CFATF training

Cayman Islands Institute of Professional Accountants (CIIPA) Director of Regulatory Affairs and Policy, Alfred Tweneboah, was invited to participate in a collaborative discussion at a recent Caribbean Financial Action Task Force (CFATF) training event in Trinidad and Tobago, focussed on the specific money-laundering & terrorist financing risks and vulnerabilities associated with firms of accountants in the Cayman Islands.

The two-day course was the inaugural CFATF training provided to supervisors of Designated Non-Financial Businesses and Professions (DNFBPs),which includes a wide range of sectors, such as casinos, lawyers, notaries and other independent legal practitioners and accountants, real estate agents and dealers in precious metals and stones. Tweneboah represented CIIPA and the Cayman Islands, joining other Cayman Islands and regional DNFPB supervisors.

“This was CFATF’s first DNFBP supervisor training and it was important to share Cayman’s perspective and understand those of our peers in the region,” Tweneboah said. “CIIPA is unique in the region in being a self-regulatory body with AML supervisory responsibility, so there was much interest in our experience and approach.”

CIIPA is designated the Supervisory Authority for firms of accountants in the Cayman Islands. In this role, the Institute is responsible for monitoring and ensuring compliance with Cayman’s Anti-Money Laundering Regulations among firms of accountants conducting relevant financial business and adopts a risk-based approach to its supervision.

In his discussion, Tweneboah covered CIIPA’s supervisory strategies and discussed challenges in compliance, monitoring and enforcement as well as the use of technology.

He said, “Participants were particularly interested in how CIIPA engages with the private sector and our views on the use of third parties in supervision”.

“It’s vital for jurisdictions to share experiences and learn from each other,” he added.

“We’re all at different stages in the assessment cycle, but by coming together we strengthen AML/CFT efforts across the region. The goal is to ensure that, collectively, the region delivers on its global commitments and responsibilities.”

“Taking part in regional and international discussions is part of the Cayman Islands’ proactive and transparent approach that demonstrates where we are today— not only complying with international standards but striving to anticipate the evolving global standards,” CIIPA Chief Executive Officer Sheree Ebanks said.

The invitation follows previous international engagements for CIIPA, including Tweneboah’s participation in a panel discussion at the Financial Action Task Force Private Sector Collaborative Forum in Mumbai, India and Ebanks’ presentation at a recent Institute of Chartered Accountants of the Caribbean (ICAC) conference in Miami, Florida.