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Collas Crill Corporate Services Limited (CCCS) provides 'in person' bespoke Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) training to in-scope persons.
The Cayman Islands is one of the world's leading financial centres and, as such, is exposed to continued scrutiny in relation to conformity with global standards of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).
The jurisdiction's AML/CTF framework requires all persons engaged in relevant financial business to undertake periodic training to recognise and adequately report on any person or entity who may be engaged in money laundering, terrorist financing, proliferation financing and those who are subjected to targeted financial sanctions.
This includes supervisors, managers and senior management who, while not involved in the day-to-day compliance programme, have to ensure that a higher level of training is received. For those individuals appointed as AML Officers, it is imperative that training is undertaken frequently to keep up to date with the continued changes in the regime and to evidence suitability and expertise.
The training provided by CCCS not only covers the AML/CTF definitions and fundamentals, but also provides an insight into the recent regulatory updates that should be considered when reviewing current policies, procedures, systems and controls.
To satisfy the requirements under the AML/CTF regulations, the content of the training material will be supplied and attestations of attendance will be circulated for internal record keeping purposes.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
