AML 101 COURSE

Dates: 13 February – 19 March 2024 (Every Tuesday)

Time: 5:30pm – 7:30pm

Venue: Cayman Islands Chamber of Commerce, Governor’s Square, West Bay Road

Course Facilitator: Enola Reid – LLB, LLM, Accredited Director

Employees of CIBA Members: KYD $400.00 (USD $487.80)

Non-Members: KYD $500.00 (USD $609.76)

Do you need a comprehensive refresher course in AML? Studying for an AML certification? New to AML Compliance and want to learn more? This 6-week AML course may be right for you.

Course Outline Structure

  • 6 weeks
  • No Exam
  • Home Practice worksheets to be completed for course credit.

Week 1 | Intro to Money Laundering, Terrorist Financing, Proliferation Financing and Sanctions

  • What is money laundering/terrorist financing/proliferation financing?
  • Why is money laundered?
  • How is money laundered?
  • What crimes generate property that can be laundered?
  • How does terrorist financing differ from money laundering?
  • Introduction to Sanctions

Week 2 | International Bodies and Standard Setters/Legal Framework- UK, US, and Cayman

  • The Financial Action Task Force (FATF) and regional bodies with focus on CFATF
  • Wolfsberg and Egmont Group
  • The European Money Laundering Directives (MLD)
  • Legislative and regulatory regimes (US, UK, Canada, and Cayman)
  • Anti money laundering and terrorist financing legislation (Cayman focused)
  • Balancing privacy laws and AML regs

Week 3 | Customer Due Diligence

  • Customer Due Diligence (CDD) for different structures in Cayman
  • Red Flags
  • Simplified Due Diligence vs Enhanced Due Diligence

Week 4 | Customer Due Diligence

  • Unwrapping beneficial ownership
  • Politically Exposed Persons (“PEPs”)

Week 5 | Monitoring Activities/ Recognising Suspicious Activity

  • Overview of Compliance Program
  • Use of technology in monitoring
  • Red flags in transactions
  • Filing a SAR

Week 6 | Vulnerabilities of Different Sectors

  • Banking
  • Securities
  • Insurance
  • Virtual Assets

View our upcoming workshops or learn more about our board of directors, membership and committees.