The Authority partners with several tertiary education institutions and stakeholder organisations to participate in informational presentations. Additionally, on occasion, staff are invited by a regulated entity to conduct presentations on regulatory activities, supervisory objectives, and other key matters related to the financial services industry.
The “Know Your Money” Fraud Prevention Seminar, held annually in observance of International Fraud Awareness Week, is a collaborative effort between the RCIPS Financial Crime Unit, the Chamber of Commerce and the Authority’s Currency Division. Experts from De La Rue, the Cayman Islands banknote printers and the United States Secret Service are also on hand to take part. The one day seminar targets small business owners and front-line employees to educate them on counterfeit detection of the CI and US Dollars, credit and debit card fraud, identify theft, and other popular or emerging fraudulent activities. The RCIPS discusses the role of the Financial Crime Unit in handling complaints and conducting investigations.
To ensure that the integrity of the Cayman Islands currency is maintained, the Authority also conducts regular training sessions for local government service agencies, specifically frontline staff, to help combat counterfeit criminal activity. During the training, participants learn about security features of a genuine banknote including ways to detect forged ones.
In September 2016, the Authority launched a 12-week radio campaign in an effort to increase public awareness of its role in the financial services sector and to specifically highlight the inner workings of the Authority. Senior staff from each division participated in a series of live radio interviews, covering topics such as a general overview of CIMA including interesting facts and statistical information on registrants and licensees, relevant legislative developments, the latest sector trends, as well as career opportunities at the Authority. Prior to the launch of the campaign, the Authority conducted a survey exercise to assess the level of general awareness within the community about the functions of the Authority. Pedestrians in George Town were selected at random to complete the 10 question survey and were presented with a small prize for their participation. Following the end of the campaign, a similar survey was also conducted to capture the overall impact of the awareness programme.
The Authority recognises the importance of giving children a strong educational foundation. Therefore, CIMA hosts an annual charity Walk/Run primarily in support of literacy and numeracy programmes within local government primary schools. The event also aims to raise CIMA’s profile within the local community, as a successful regulator of the financial services industry.
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The Authority issued a press release in October 2017 in celebration of the inaugural World Investor Week (“WIW”). The release targeted industry stakeholders and contained details and the primary objectives of the WIW initiative launched by the International Organization of Securities Commissions (“IOSCO”). The Authority encouraged the local financial services industry to take part in WIW and presented some ideas for stakeholders to highlight in order to build awareness amongst investors. The press release alo highlighted pertinent data about the financial services sector.
To learn more about WIW, visit www.worldinvestorweek.org