Cayman Finance promotes importance of National Risk Assessment Surveys

Cayman Finance recently hosted a free informational seminar to the public regarding the Cayman Islands Government’s Money Laundering/Terrorist Financing National Risk Assessment Surveys that are currently underway.

Mr Jude Scott, Cayman Finance Chief Executive Officer, said that facilitating events such as these are important as they enable the whole industry to work together to make a difference.  “We were fortunate to have Mr Francis Arana, Head of the Anti-Money Laundering Unit, Attorney General’s Chambers join us to lead the question and answer session,” Mr Scott said.  “The results of these surveys are very important to the future of the Cayman Islands financial services industry, so Cayman Finance wanted to provide an opportunity for individuals to gain a better understanding of the process, while having the chance to have their questions answered.”

Mr Arana said he was keen to participate and appreciated Cayman Finance extending the invitation to be a speaker. “These surveys are the first step in a much wider assessment of the Cayman Islands by the FATF, therefore, as a jurisdiction, it is vital that we get as many accurately completed surveys as possible,” Mr Arana said.  “The seminar was an ideal platform allowing me to explain the surveys’ intricacies in more detail.”

Mrs Sandra Edun-Watler, President of the Cayman Islands Compliance Association, was one of many industry association representatives present.  “Cayman Finance did an excellent job with the seminar as the Q&A format allowed attendees to have their questions answered,” Mrs Watler said.  “I felt the message got across to those who may not have had an appreciation or previously known the importance of properly preparing for the assessment, the tremendous collaborative work involved, and the reasons behind why this survey is being undertaken.”

Based on feedback provided at the seminar, Mr Arana confirmed they are now extending the survey deadline to Friday, April 24 2015 in order to facilitate greater participation, particularly the securities industry.

Mr Scott stated, “We were pleased to hear the survey deadline had been extended.  This is a great example of Cayman Finance facilitating meaningful dialogue between industry and government to achieve a mutually beneficial outcome and we plan to continue to offer these opportunities to the industry.”

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