Resources

Frequently Asked Questions (FAQs)

What typical signs of money laundering, terrorist financing and proliferation financing (ML/TF/PF) should I look out for?

Knowing what to look out for to detect the signs of ML is extremely vital for you or your business. See the paper on Money Laundering Typologies and Trends to see relevant examples of how ML can occur for different types of businesses and sectors.

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Why should I be concerned about ML/TF/PF?

ML has damaging economic, political and social consequences, both in Cayman and globally. It directly and indirectly affects everyone, small business owners to large financial institutions, the real estate sector and dealers in precious metals and stones.

Anyone can be the target of a money laundering scheme or used to facilitate one. You could unwittingly commit a crime without even knowing it. It’s therefore necessary that everyone is aware of money laundering and its consequences.

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What should I do if I believe I have witnessed ML/TF/PF?

Members of the public should contact the RCIPS if you believe you have witnessed a money laundering offence.

If you are an employee of an institution, financial or otherwise, you should refer to your institution’s compliance protocols and consider making a report of suspicious activity to your Money Laundering Reporting Officer (MLRO) or the Financial Reporting Authority (FRA).

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Where can I find a list of registered accountants?

Cayman Islands Institute of Professional Accountants (CIIPA)

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Where can I find a list of registered non-profit organisations (charities)?

Registrar of Non-Profit Organisations

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Who is my AML/CFT/CFP supervisor?

A list of the respective supervisors can be found here

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How can I find out who is on the sanctions list?

Visit the Financial Reporting Authority website, or sign up for alerts.

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Do you run AML/CFT training programmes?

Training is offered by the supervisors for their respective sectors. Click here to contact your supervisor.

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Who is the AML/CFT team in Cayman?

Click here for the organisational chart.

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Does AML/CFT/CFP cover virtual currencies?

Yes. The FATF VC Guidance recognises the financial innovation that virtual currency represents, as well as the crime risks that must be identified and mitigated.

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For more FAQs, visit the FATF website

Common Acronyms

  • AcronymMeaning
  • AcronymMeaning
  • ACC Anti-Corruption Commission
  • AGC Attorney General’s Chambers
  • AG Attorney General
  • AML Anti-Money Laundering
  • AMLCO Anti-Money Laundering Compliance Officer
  • AMLSG Anti-Money Laundering Steering Group
  • AMLU Anti-Money Laundering Unit
  • CBC Customs and Border Control
  • CFATF Caribbean Financial Action Task Force
  • CFP Counter Financing of Proliferation
  • CFT Counter Financing of Terrorism
  • CILPA Cayman Islands Legal Practitioners Association
  • CIIPA Cayman Islands Institute of Professional Accountants
  • CIMA Cayman Islands Monetary Authority
  • DCI Department of Commerce and Investment
  • DNFBP Designated Non-Financial Businesses and Professions
  • DPMS Dealers in Precious Metals and Stones
  • FATF Financial Action Task Force
  • FCFG Financial Crime Focus Group
  • FCU Financial Crimes Unit of the Royal Cayman Islands Police Service
  • FI Financial Institution
  • FRA Financial Reporting Authority
  • IACC Inter-Agency Coordination Committee
  • ICRG International Cooperation Review Group of the FATF
  • MER Mutual Evaluation Report
  • MFS Ministry of Financial Services
  • ML Money Laundering
  • MLRO Money Laundering Reporting Officer
  • NPO Non-Profit Organisation
  • ODPP Office of the Director of Public Prosecutions
  • PF Proliferation Financing
  • ROC Registrar of Companies
  • SAR Suspicious Activity Report
  • SC Sanctions Coordinator
  • SRB Self-Regulatory Body
  • TCSP Trust or Corporate Service Provider
  • TF Terrorist Financing
  • TFS Targeted Financial Sanctions

Glossary of terms