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Cayman Islands Financial Services Institute (FSI) launches first online webinar course on AML Risk Management for the insurance industry

Local News 04 May, 2023 Follow News

Abraham Thoppil

The Cayman Islands Financial Services Institute (FSI) has announced the launch of its first online webinar course, which will provide accredited training in AML Risk Management in the Insurance sector, for professionals seeking career development in the Cayman Islands financial services industry.

The webinar: ‘AML Risk Management for the Insurance Sector in the Cayman Islands’, will provide attendees with a full refresher training session on the risks related to money laundering, terrorist financing and proliferation financing and sanctions specific to the Cayman Islands insurance industry, as well as insight on how to practically manage those risks.

“We are delighted to launch the first in our series of FSI Webinars which will provide participants with the in-depth knowledge and skills to succeed and enhance their career in the Cayman Islands financial services industry,” said Paul Byles, FSI Founder, and Director of FTS, the compliance and risk management consulting firm.

As part of the focus on AML Risk Management in Insurance, this first Webinar, will examine the range of insurance products in the Cayman Islands and the key due diligence requirements for clients and policyholders, as well as the various AML/CFT Red Flags specific to the insurance industry.

In addition, the Webinar will cover the key findings of the National Risk Assessment (NRA), specifically in relation to the insurance sector. It will address how to apply a risk-based approach (RBA) towards AML compliance and preventing financial crime in the various types of insurance business taking place in the Cayman Islands.

All FSI Webinars, which are accredited by the Association of Certified Financial Crime Specialists, will feature a guest lecturer and for this topic, Law Reform Commissioner and former Maples and Calder partner, Abraham Thoppil, provides the local industry expertise. The course also provides 2 Continuing Education credits (CE) for successful participants.

“This programme is presented in a vibrant and convenient online webinar format, drawing on the expertise of a range of industry experts, across all the key sectors, all focused on delivering expert training to help develop professionals in our financial services industry,” Mr. Byles said. “We are especially pleased to have the benefit of Abraham Thoppil’s great expertise in insurance law and regulation in the Cayman Islands for the first Webinar.”

Mr. Thoppil spent 25-years with Maples, until his retirement in 2022, specialising in insurance and investment funds. As a former member of the Cayman Islands Financial Services Legislative Committee and past President of the Caymanian Bar Association, he has been closely involved in assisting with drafting various laws in the Cayman Islands, relating to insurance and the wider financial services industry.

The FSI Webinar: AML Risk Management for the Insurance Sector in the Cayman Islands takes place on Tuesday 30 May from 9.00am- 11am. Interested participants can register and obtain further information, including the full agenda on the FSI website  www.caymanfsi.ky .

The series of FSI Webinars will continue with additional topics set to be announced soon. The FSI also recently held a well-attended seminar on the 2023 AML Regulations and FSI has launched pre-registration for its online financial services AML/CFT courses, designed to provide the knowledge and skills needed to protect business, while meeting regulatory requirements. 

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