Grand Cayman, February 2025 – The Cayman Islands Financial Services Institute (FSI) is set to host a seminar later this month focusing on the new Defence Against Money Laundering (DAML) regime, a key compliance requirement under the Proceeds of Crime Act. The event, scheduled for Wednesday, 26th February 2025, at the Indigo Hotel, will provide financial services professionals with critical insights into how the regime will impact reporting obligations and risk management procedures.

The DAML regime represents a significant regulatory change for Cayman’s financial sector. It establishes a process through which financial service providers, legal professionals, and other reporting entities must seek consent from the Financial Reporting Authority (FRA) before proceeding with transactions that may involve criminal property. Given the legal and operational implications, industry participants are expected to require a greater understanding of the framework to ensure compliance.

Robert J. Berry, Director of the FRA, will deliver a keynote address outlining the DAML’s purpose, legal framework, and implications for financial institutions, legal professionals, and other reporting entities. His presentation will be followed by a presentation by Róisín Liddy-Murphy, Partner and Head of Regulatory & Risk Advisory at Conyers, who will examine the legal risks and obligations for service providers.

A panel discussion moderated by Paul Byles, Director of FSI, will bring together key industry experts to explore the practical implications of the DAML regime, common compliance challenges, and how businesses can adapt their internal processes. The panel will feature:

✔️ Robert J. Berry, Director, Financial Reporting Authority (FRA)

✔️ Róisín Liddy-Murphy, Partner, Conyers

✔️ Sandra Edun-Watler, Consultant, Edun Watler Consulting

Paul Byles, Director of FSI, emphasised the importance of raising awareness about the practical aspects of the DAML framework:

“The DAML regime introduces a new compliance layer that service providers must fully understand. At FSI, our focus is on ensuring financial services professionals have access to clear and practical guidance on regulatory developments. This seminar is designed to help compliance officers, financial service providers, and legal professionals prepare for these new requirements with confidence”, said Byles

The seminar is expected to attract compliance officers, financial services representatives, legal professionals, and regulators, all of whom will need to navigate the changes introduced by the DAML framework.

📅 Date: Wednesday, 26th February 2025

⏰ Time: 8:30 AM – 11:30 AM

📍 Location: Indigo Hotel, Grand Cayman

For more information or to register, visit www.caymanfsi.ky.