CIIPA launches anti-money laundering awareness campaign


CIIPA launches anti-money laundering awareness campaign


The Cayman Islands Institute of Professional Accountants (CIIPA) has launched an 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 said: “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.

“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.

Cayman Islands Institute of Professional Accountants, Anti-Money Laundering, Combatting the Financing of Terrorism, Sheree Ebanks, Cayman Islands

Cayman Funds