cayman islands compliance diploma
Course descriptions
The CCD consists of eight course modules delivered over a 12-month period. This includes seven Primary Course Topics and a Regulatory Experts Seminar Series whereby compliance and regulatory professionals will deliver presentations on key topics and provide insights into the career pathways in the regulatory and compliance sector. All courses will be taught in person and formally assessed.
The Regulatory Experts Seminar Series will be assessed by participation. Each of the Primary Course Topics courses will be delivered over 4 weekly 2-hour classroom sessions. All modules must be successfully completed within the timelines specified during the year to be awarded the Cayman Islands Compliance Diploma.
Introduction to International Financial Services
This course introduces students to all the main services offered in International Financial Centres (IFCs). The course starts with a general introduction to the concept of international financial services and is followed by classes covering the basic elements of all the various industry sectors (banking, captive insurance, hedge funds, trusts, corporate services and SPVs).
Learning Outcomes:
- To describe the key types of captive insurance companies and the market conditions in the United States that led to the creation of captives
- To understand the difference between the concepts of tax neutrality vs tax secrecy
- To explain the type of investment funds offered in the Cayman Islands
- To understand the key reasons why a trust is established and the types of trusts offered in the Cayman Islands
- To describe the original rationale and international developments leading to the introduction of banking services in the Cayman Islands
- To gain an understanding of the concept of securitization and why this SPVs have become a popular vehicle of choice for clients
Introduction to Cayman Islands Regulatory Framework
This course provides an overview of the Cayman Islands regulatory framework and introduction to money laundering. Students will understand the key laws and local institutions involved in the Cayman Islands regulatory framework and their roles. The Cayman Islands Monetary Authority, Financial Reporting Authority, Department of International tax Cooperation, Financial Reporting Unit (FRU) and other key institutions are covered, with a clear understanding of how and why compliance professionals interact with these institutions.
Learning Outcomes:
- To describe the key roles and responsibilities of the Cayman Islands Monetary Authority
- To understand the key roles and responsibilities of the Financial Reporting Authority
- To explain the key roles and responsibilities of the Department of International Tax Cooperation
- To describe the key roles and responsibilities of the Government’s Anti Money Laundering Unit
- To understand the key laws and regulations that govern the financial services industry and which sectors they relate to
The Guidance Notes I
This course covers the key aspects of the Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation Financing in the Cayman Islands. This document represents the most important information source for compliance officers and the wider financial services sector. The course covers parts 1 and 2 of the Guidance Notes and an introduction to Sanctions Compliance, Proliferation Financing and Targeted Financial Sanctions and Ongoing Monitoring.
Learning Outcomes:
- To understand what money laundering (“ML”), terrorist financing (“TF”) and proliferation financing (“PF”) are
- To gain an awareness of how the GN establish and provide guidance to prevent and detect ML/TF/PF
- To describe an overview of the GN’s and their purpose within the wider regulatory framework in the Cayman Islands
- To explain how to navigate the GN’s to find specific relevant guidance
- To understand the different types of customer due diligence that can be applied and have an awareness of the situations each type can be applied in
The Guidance Notes II
This course provides more detailed training on Sanctions Compliance, Proliferation Financing, Targeted Financial Sanctions and Ongoing Monitoring and includes a summary of sector specific guidance.
Learning Outcomes:
- To describe the purpose of sanctions, including Targeted Financial Sanctions (TFS) and their role in mitigations Proliferation Financing (“PF”) and Terrorist Financing (“TF”)
- To understands the obligations of FSP in respect of the sanction regime and ongoing monitoring
- To gain an awareness of the sector specific guidance contained within the Guidance Notes on the Prevention and Detection of Money Laundering in the Cayman Islands (“GNs”)
AML/CFT Compliance & Governance Roles
This course provides an understanding of the various compliance officer roles as well as the role of the Board in a company’s risk management environment. The roles of the AMLCO, MLRO, DMLRO, Board of Directors and the Internal Audit Function is discussed in detail including tips on pitfalls to avoid as well as on how a person can improve their performance in each role.
Learning Outcomes:
- To understand the elements of an Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Compliance Program
- To explain why AML/CFT Compliance is important
- To understand how to assess AML/CFT risks
- To explain the role of the Board of Directors in Risk Management
- To understand the key roles and responsibilities of the AMLCO, MLRO and DMLRO
Conducting Due Diligence
This course provides step-by-step guidance to participants on how to conduct due diligence and risk rate several categories of clients in the Cayman Islands financial services industry. In addition to the final exam, participants must successfully participate in a group project as part of the due diligence workshop which requires practical due diligence exercises.
Learning Outcomes:
- To gain an understanding of how to risk rate a new client
- To describe the key steps in onboarding
- To explain the due diligence requirements for corporate and individual clients, partnerships, Trusts, and NPOs
- To understand the process of background and sanctions screening and can name some of the main providers of this service
Due Diligence Workshops
A series of hands-on workshops whereby students will be organised in groups, review case studies and present on various topics.
Learning Outcomes:
- To gain a practical understanding of how to handle day to day due diligence and compliance issues
- To demonstrate how to develop the skills to effectively communicate the reasoning for making certain compliance decisions and why one should document those decisions
Industry Seminar series
Six weeks of presentations from industry leaders in the Cayman Islands financial services sector on key topics. Provides students with direct insights into real world financial services topics and issues.
Learning Outcomes:
- To gain insights from various regulatory professionals
Compliance Research Project
Students will be required to carry out research on a topic of their choice based on topics provided by the FSI.
