August 4, 2020

Cayman Islands DCI seeks input from realtors, precious metal dealers

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From Department of Commerce and Investment

Cabinet on 2 March 2017 designated the Department of Commerce and Investment (DCI) as the Regulator for Designated Non-Financial Businesses and Professions (DNFBPs) in the Cayman Islands.

With the Cayman Islands further strengthening regulation of its financial systems, money launderers and terrorism financiers may look to channel funds through other less regulated domestic sectors in the region such as the DNFBPs which are not classed as financial institutions.

DNFBPs include real estate agents, lawyers and accountants, notaries, trust and company service providers, casinos and dealers in precious metals and stones. They can be potentially vulnerable to abuse by terrorists and money launderers because of their traditional lack of exposure to financial regulation.

To deal with money laundering and terrorist financing issues within DNFBPs in the Cayman Islands, DCI will focus on two sectors initially: the real estate industry professionals and dealers in precious metals and stones.

The Cayman Islands is scheduled for its fourth round of evaluation by the Financial Action Task Force () in December 2017 during which data about realtors and dealers in precious metals and stones will be presented to highlight compliance.

To help the Cayman Islands prepare for this very important evaluation by conducting a national risk profile assessment, DCI will be contacting all local realtors and dealers in precious metals and stones starting the week of 01 August 2017. This is to assist the realtors and these dealers to participate in data provision for the FATF assessment.

For details, licensees are encouraged to contact the DCI on the main line 945-0943 or email [email protected].

IMAGE: LinkedIn

 

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  1. […] Source: Cayman Eye News From Cayman Islands Department of Commerce and Investment Cabinet on 2 March 2017 designated the Department of Commerce and Investment (DCI) as the Regulator for Designated Non-Financial Businesses and Professions (DNFBPs) in the Cayman Islands. With the Cayman Islands further strengthening regulation of its financial systems, money launderers and terrorism… Link: Cayman Islands DCI seeks input from realtors, precious metal dealers […]

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