Financial Crime World

Banks in Cayman Islands Required to Complete Compliance Training

As part of efforts to combat money laundering and terrorist financing, banks in the Cayman Islands are now required to complete compliance training.

AML 101 Course Offered by CIBA

The Cayman Islands Bankers’ Association (CIBA) is offering a six-week AML 101 course, designed for employees of CIBA member banks. However, non-members are also welcome to attend. The course will cover topics such as:

  • Money laundering
  • Terrorist financing
  • Proliferation financing and sanctions
  • International bodies and standard setters
  • Customer due diligence
  • Monitoring activities and recognizing suspicious activity

Course Details

  • Date: Every Tuesday from April 23 to May 28
  • Location: Cayman Islands Chamber of Commerce, Governor’s Square, West Bay Road
  • Cost:
    • Members: $400
    • Non-members: $500

Benefits of the Training

The training will provide a comprehensive refresher course in anti-money laundering (AML) compliance and will be beneficial for those studying for an AML certification or new to AML compliance. The CIBA has emphasized that this training is essential for banks in the Cayman Islands to ensure they are compliant with international standards and regulations.

Key Topics Covered

  • Customer due diligence
  • Red flags
  • Simplified due diligence versus enhanced due diligence
  • Unwrapping beneficial ownership
  • Filing a Suspicious Activity Report (SAR)

Why Attend the Training

The CIBA has called on banks in the Cayman Islands to attend the training, saying that it is an essential part of their anti-money laundering compliance program. The association emphasizes that AML compliance is not just a regulatory requirement but also a vital component of our industry’s reputation and integrity.

Registration Information

For more information or to register for the course, contact the CIBA on (345) 949-0330 or email ciba@cibankers.org.