Overview

The course summarises the main provisions of the Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands 2017 and Guidance Notes Amendments 2018. It also covers the procedures and controls in relevant operational areas to comply with the regulatory requirements.

Objective

Hong Kong asset management industry has tendency to incorporate funds in Cayman Islands. After completion of the course, participants will be able to understand and comply with the regulatory requirements of the Cayman Islands Monetary Authority.

Content

1. What is money laundering and terrorist financing?
2. Overview of the AMLR and related Guidance Notes in Cayman Islands
3. Effective management and internal controls
4. Risk assessment of customers
5. Identification and verification requirement (Cayman Islands)
6. Certification of documents
7. Simplified due diligence and enhanced due diligence
8. High risk customers
9. Sanctions
10. Reliance on third parties
11. Customer reviews and monitoring
12. Record keeping
13. Reporting of suspicious activities (Cayman Islands)
14. Training
15. Warning signs to mutual funds (Cayman Islands)

Who should attend

Fund managers, asset managers and anyone who would like to have a better understanding of the AML/CFT practice in the Cayman Islands.

Financial Incentive Scheme of the WAM Pilot Programme

This is one of the eligible courses / seminars under the Financial Incentive Scheme (“The Scheme”) of the WAM Pilot Programme.

Eligible in-service practitioners of the financial services industry could apply for a reimbursement up to 80% of the course / seminar fees, or a maximum of HK$10,000 per person for courses/seminars held for the period from 1 October 2016 to 31 August 2022 upon satisfactory completion.

Each individual may apply for reimbursement for more than one course / seminar subject to a maximum of HK$10,000 but each course / seminar can only be reimbursed once.

The duly signed application form together with the FIVE supporting documents must be submitted within FOUR months from the last day of the course / seminar attended. Please refer to the WAM Pilot Programme website for more details.

WAM Pilot Programme Special Requirements

If you plan to apply for reimbursement under the Financial Incentive Scheme (FIS), please ensure your device/computer has the camera feature or with webcam installed as you are required to turn on your camera throughout the webinar.