CIREBA continues to raise the bar.
The association is pleased to announce the purchase of a program platform that will allow the membership to conduct background searches on clients and customers in relation to due diligence requirements. Access to this service will be made available at no additional cost to the members and the program includes profiles of over 6 million individuals worldwide.
As the sitting CIREBA president, it is my goal and intention to make every single one of our member companies 100% compliant with the Cayman Islands inspection in 2017. This inspection will be a test by the next Caribbean Financial Action Task Force and will be an in-depth inspection of Cayman’s anti-money laundering regime. In the Cayman Islands, the anti-money laundering enforcement regime is based on a partnering of institutions including CIMA, the Financial Crime Unit and the Financial Reporting Authority. I want this compliance to be achieved by the end of the year and the addition of this program is integral in reaching this goal.
This program that we’ve acquired is a one-off search tool that allows the CIREBA office to screen individuals againstthe RDC’s database of high-risk individuals and entities. Moreover, this program aggregates over 6 million profiles in 40+ countries, 400+ sanctions/watch lists, PEPs and their families, all FATF predicate offenses and over 100,000 sources of adverse media.
We will continue to strive towards our compliance goals and add new tools and techniques moving forward. This is just another weapon in our arsenal to combat illegal money laundering activities and continue to raise the bar for our distinguished association.