TIMES.KY

Cayman Islands, Caribbeanand International News
Thursday, Mar 28, 2024

AML Training for Realtors and Developers

AML Training for Realtors and Developers

Some 60 local realtors and developers attended a half day training seminar at the Grand Cayman Marriott, on 6 July 2021, that aimed to create awareness of anti-money laundering (AML) practices.
FTS Management and Training Solutions organised the seminar, and sponsors included: the Department of Commerce and Investment (DCI), the government agency with responsibility for licensing and regulating real estate agents, brokers and property developers; HSM Chambers; Provenance Properties Cayman Islands and Christie’s International Real Estate.

Organiser Paul Byles of FTS was the first presenter, describing the impact of money laundering on the economy, as well as offering a refresher on recent characteristics in AML risks in real estate and development.

Mr Byles said a key focus for his presentation was to explain to the audience the signs of what happens when AML risk is handled poorly, and how this could negatively impact a country’s economy.

Next on the programme was DCI’s Head of Compliance and Enforcement, Ms. Claudia Brady, who shared with the audience trends and lessons learned from onsite inspections, as well as tips for realtors and developers to minimise their risk exposure.

Ms. Brady started her presentation by outlining DCI’s ongoing efforts to increase awareness to enhance detection and curb potential money laundering activities in the Cayman Islands.

“Under Cayman Islands anti-money laundering and terrorist financing guidelines, realtors and developers who sell real estate, are termed designated non-financial businesses or professions (DNFBPs), and widely regarded internationally as vulnerable to money laundering and terrorist financing (ML/TF) abuse,” Ms Brady commented.

Following the Caribbean Financial Action Task Force (CFATF) Fourth Round Mutual Evaluation Report for the Cayman Islands, DCI enhanced its supervisory framework to address vulnerabilities in real estate sold directly by property developers without the involvement of real estate agents. Ms Brady noted that this in essence, requires developers selling on their own to comply with all sections of the Anti-money Laundering Regulations.

She proceeded to outline to the audience DCI’s risk-based approach to anti-money laundering and terrorism financing compliance, which, she said, is tested during onsite inspections carried out based on the risk rating of the entity.

In addition to these inspections she advised there is an annual inherent risk questionnaire which is part of the ongoing supervision process, as well as a mandatory requirement to submit the questionnaire prior to the renewal of the business license.

The highlight of her presentation was the trends and lessons learned as a result of increased supervision of the sector since 2019.

“There have been overall improvements in the entities who are collaborating with DCI to ensure they are compliant, and who as a result now have appropriate KYC (Know Your Customer) and CDD (Customer Due Diligence) measures in place to protect themselves and other stakeholders from potential money laundering schemes”, she stated.

Mrs. Brady concluded that, “DCI has been mandated to continue outreach efforts to the industry. As a result, it was fitting for the Department to sponsor this training seminar. We believe by continuing to raise knowledge and awareness within the sector, realtors and developers will be best placed to detect the first signs of money laundering and report any suspicious activities for further investigation”

Attorney, co-sponsor and co-presenter Huw Moses said his focus was on educating the sector from the perspective of lawyers who can identify the legal risks involved in selling real estate and help realtors through that process as necessary.

At the end of the presentations, participants were able to take part in a question and answer session and to complete an online test.
Newsletter

Related Articles

TIMES.KY
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×