Cayman Islands AML Series : Training on Anti-Money Laundering and Counter-Terrorists Financing

#The Cayman Islands Monetary Authority (CIMA) has specific AML training requirements for fund directors and the Money Laundering Reporting Officer (MLRO). Fund directors and MLROs must undergo initial and ongoing AML training that covers relevant laws and best practices. Training should include role-specific content on governance, risk assessment, and reporting suspicious activities. Entities must maintain detailed records of training sessions, and assessments may be conducted to evaluate understanding of AML policies.#

The 1 hour online training is divided into four parts:  

1. Legal & Regulatory Framework

•    Proceeds of Crime Act (2024 Revision)

•    Anti-Money Laundering Regulations (2024 Amendment)

•    CIMA's AML Guidance Notes

•    International standards and FATF requirements

2.Key Concepts & Due Diligence

•    Money laundering, terrorist financing, and proliferation financing definitions

•    Risk-based approach fundamentals

•    Customer due diligence requirements

•    Enhanced due diligence triggers and PEP management

3.Suspicious Activity & Personnel Duties

•    Red flags identification across different sectors

•    SAR filing process and requirements

•    MLRO/DMLRO/AMLCO roles and responsibilities

•    Staff training requirements and best practices

4.Risk Assessment & Enforcement

•    Business and customer risk assessment methodologies

•    Transaction monitoring systems and technology solutions

•    CIMA's enforcement approach and administrative fines

•    Emerging typologies and future regulatory developments

This training can be counted as relevant regulatory knowledge for SFC licensed corporations and their relevant SFC licensed persons managing Cayman Islands funds and this training is for them to fulfil AML training requirements under the Cayman Islands Anti-Money Laundering Regulations (AMLR).  

To complete the training, you are required to answer 10 questions in the Assessment Test at the end of the training and have 6 questions answered correctly.  Prior to taking the Assessment Test, you must watch the entire training video. Failure to do so may lead to cancellation of your Certificate of Completion.

**Please note that you are required to create an account with Thinkific, our Learning Management platform. Your Certificate of Completion will be issued using the name used to create the account. Therefore, please ensure that your official name is used when creating the account on Thinkific.**

For any queries, please email us at [email protected]. Thank you.