Financial Crime World

CAYMAN ISLANDS BANKS MUST COMPLY WITH AML/CFT TRAINING REQUIREMENTS

Introduction

The Cayman Islands’ Financial Service Providers (FSPs), including funds and SIBL-registered persons, must ensure that their supervisors, managers, and senior management receive regular training on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations.

AML/CFT Training Requirements

According to Part II, Section 5(d) of the Anti-Money Laundering Regulations (2020 Revision), FSPs are required to provide employees with training in recognizing and treating transactions related to money laundering, terrorist financing, or proliferation financing. This requirement is further clarified by the Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing, and Proliferation Financing in the Cayman Islands (2020 Revision).

Higher Level Training for Directors and Senior Management

Directors and senior management must receive a higher level of training covering all aspects of AML/CFT procedures, including statutory duties, offences, and penalties for non-reporting or assisting money launderers. This training is essential to ensure that FSPs comply with regulatory requirements and prevent financial crimes.

WAYSTONE OFFERS COMPLIANCE TRAINING SOLUTION

Waystone (formerly DMS) has developed an online AML/CFT compliance training specifically designed for FSPs conducting relevant financial business in the Cayman Islands. The comprehensive training covers essential areas, including:

  • Anti-Money Laundering: Understand the risks and prevention methods
  • Combating of Terrorist Financing: Recognize and report suspicious transactions
  • Proliferation Financing: Identify and mitigate related risks
  • Customer Due Diligence and Know Your Customer Requirements: Ensure compliance with regulatory requirements
  • Customer and Transaction Screening: Effectively screen customers and transactions

Online Training Format

The online training takes approximately 40 minutes to complete and provides a clear overview of regulatory requirements in an easy-to-follow format. FSPs can register for the training by contacting Waystone’s Cayman Fund Governance Solutions team today.

Conclusion

By complying with AML/CFT training requirements, FSPs in the Cayman Islands can ensure that they maintain a strong reputation, prevent financial crimes, and protect their customers and stakeholders.