Real estate agents and brokers, and dealers in precious metals and stones, will be assisted with Government's mandatory registration process during half-day workshops organised by the Department of Commerce and Investment (DCI)'s regulatory staff.
DCI will send invitations for the workshops, both of which will be held on 9 May, directly to agents, brokers, and dealers; also, persons who believe they are eligible for the workshops are asked to contact DCI. Speakers will include Minister of Commerce the Hon. Joey Hew, Cayman Islands Compliance Association President Sandra Edun-Watler, and DCI's Compliance and Enforcement team.
"These workshops are important, because registration will allow these persons to continue operating their businesses in Cayman," said DCI Director Ryan Rajkumarsingh. "The Anti-Money Laundering Regulations (2018 Revision), which were amended in March 2018, require them to register as part of Cayman's compliance regime, in line with global standards that are assessed by the Caribbean Financial Action Task Force (CFATF)."
All real estate agents and brokers, and precious metals and stone dealers, must be registered as DNFBPs by Wednesday, 29 May. Failure to comply may result in administrative penalties being applied, Mr Rajkumarsingh said.
In addition to being able to register with DCI's assistance, workshop participants will learn:
- The key issues and challenges for agents and dealers, as outlined in the CFATF's Mutual Evaluation Report on Cayman's regime for anti-money laundering, countering the financing of terrorism, and proliferation financing (AML/CFT/PF). The CFATF report was published in March 2019.
- The sector's risk assessment.
- How to set up a compliance regime.
At the conclusion of this workshop, participants should:
- Know and understand the Mutual Evaluation Report's recommendations.
- Understand the registration requirements and what will follow.
- Understand the results of non-compliance.
Mr Rajkumarsingh explained that the CFATF classifies agents and dealers as "Designated Non-Financial Businesses and Professions," or DNFBPs. This classification acknowledges that these persons, while not operating directly in financial services, are regulated because of the global risk of money laundering, the financing of terrorism, and proliferation financing in these sectors.
For more information on the workshops, contact DCI's Stefanie Suckoo at SSuckoo@dci.gov.ky.
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