Realtors, as well as dealers in precious metals and stones, learned the findings from the latest national risk assessment to focus on anti-money laundering and counter financing of terrorism (AML/CFT), at a Department of Commerce and Investment (DCI) workshop last week (Monday, 25 July, 2022).
These sectors are among those known as designated non-financial businesses and professions (DNFBPs), and are monitored by DCI as part of the Cayman Islands’ anti-money laundering framework. Sixty-six individuals, who attended the course in-person and via Zoom, benefited from an overview of the findings of the National Risk Assessment 2021 of the risks currently posed by anti-money laundering, terrorism financing and proliferation financing.
The document, which aimed to provide an overview of the risk to the Cayman Islands economy at a national level, also contained information specific to real estate and dealers in precious metals and stones.
In particular it reviewed the risks relevant to those sectors, and analysed business flows, ownership, workforce and sales in 2021 and for the previous three years.
Presenters went on to share findings from DCI’s 2021 report on DBNFPs which outlines the results of its 60 risk-based onsite inspections, with a focus on areas of concern but also of good practice.
A key trend over the past three years, they noted, included significantly more DNFBPs moving towards compliance with an awareness of anti-money laundering rules.
DCI’s Head of Compliance and Enforcement, Claudia Brady, encouraged attendees to contact her with any questions or concerns arising from the reports.
Financial Services Minister Andre Ebanks commented: “Keeping stakeholders informed about what the DCI teams and the wider Government are seeing on the ground and at a national level is necessary to our success in the fight against money laundering and prevention of terrorism”.
Noting that DCI had collaborated with the Cayman Islands Centre for Business Development which helped to promote and host the session, Minister Ebanks added that the two entities plan to team up again to help raise the profile of important initiatives and services impacting the business community.
The National Risk Assessment 2021 is available from the Anti-Money Laundering Unit website Meanwhile DCI’s Annual Report on DNFBPs is available from the department’s website. For information on any upcoming DCI outreach events or training for small businesses interested persons may visit www.dci.gov.ky.