CIIPA launches AML/CFT outreach

The Cayman Islands Institute of Professional Accountants (CIIPA) launches its awareness campaign for Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT).

In addition to a series of ads aimed at increasing general awareness of AML/CFT, the accounting institute is hosting free workshops in May. Firms providing accounting services including bookkeeping, payroll, tax advisory, are invited to send representatives to one of the workshops which will cover roles, responsibilities and an overview of the monitoring, and inspection process.

CIIPA CEO, Sheree Ebanks explains, “It only takes one public case of fraud to have a major detrimental impact on a jurisdiction, which is why our initial approach is to register firms and ensure they have the right systems in place to combat crime,” Ms. Ebanks went on to say, “CIIPA will take a risk-based approach to carrying out inspections, but it is crucial firms are registered and we understand the type of business they are carrying out.”

Accounting service providers fall into a category referred to as designated non-financial business and professions or DNFBPs, which became a focus of the Financial Action Task Force in 2015.

The free lunch and learns are being held from 12 to 1:30 p.m. on 3, 10, 17 May. Additional information and registration can be found at www.ciipa.ky/AML/CFT. All accounting service providers are encouraged to take advantage of these sessions ahead of the registration deadline which is 30 May.

For further information, visit www.ciipa.ky/AML/CFT.

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