AML 101 COURSE
Dates: 23 April – 28 May 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.