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CIMA Expands Outreach Efforts

General Industry Notices
Date: Thu, 06 February 2020

As a part of the Cayman Islands Monetary Authority’s (“the Authority”) commitment to ensuring that licensees and interested parties are kept informed about changes affecting the financial services industry, the Authority will be expanding its outreach efforts to local industry participants, its offshore licensees, as well as global stakeholders through the use of topical online presentation videos. The presentations are made available here on the Authority’s website.

The first set of presentations will aim to provide guidance which would assist businesses to become compliant with Anti-Money Laundering (AML) and counter financing of terrorism (CFT) laws and regulations. Topics range from the new administrative fines framework, factors that businesses should consider during their own on-going monitoring, best practices for riskbased approach, findings of the National Risk Assessment, expectations with regards to suspicious activity report filing and applicable Targeted Financial Sanctions regimes along with other relevant matters. New videos will be posted on an ongoing basis. 

Although face-to-face presentations are ideal, the Authority has recognised that maximum attendance at these forums is often difficult to achieve. Therefore, the videos will allow the Authority to provide important information to a wider audience. The material will also serve as a reference tool if and when needed. 

Industry representatives are encouraged to take full advantage of the videos to help ensure that the Cayman Islands remains a well-regulated jurisdiction and one that adheres to the highest standards.

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