financial services institute
About the Courses
FSI offers several course modules aimed at meeting ongoing training requirements for regulatory, professional, or personal development purposes. Courses will be assessed by formal testing and training certificates are provided on successful completion.
AML/CFT Webinar Courses
The FSI’s AML/CFT webinar courses are now available. Each AML/CFT webinar Course is accredited by the Association of Certified Financial Crime Specialists. Participants who successfully complete each course will receive 2 continuing education credits (CE) equivalent to CPE credit requirements from the ACFCS. All AML/CFT webinar courses are formally assessed and the Financial Services Institute will provide a training certificate on completion. Our AML/CFT webinar courses cover the following topics:
Duration of Course: 1 hour
Target Audience: This programme is geared towards professionals who have an interest in compliance within the financial services sector, as well as persons pursuing professional and academic development within the AML and compliance area.
Course Objectives: This course provides an overview of the Cayman Islands AML regime and introduces the key aspects of Part 1 of the Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation Financing in the Cayman Islands. The course allows one to understand the purpose of the Guidance Notes within the wider regulatory framework in the Cayman Islands. The Compliance Programme, Risk Based Approach and different types of Customer Due Diligence are discussed as well as Politically Exposed Persons, Record-keeping, AML Officers, Internal Controls, Sanctions Compliance and Ongoing Monitoring.
Topics to be covered:
- Overview, definitions and risk of:
o Money Laundering, Countering Terrorist Financing, Targeted Financial Sanctions, Proliferation Financing - Regulatory Framework
- A review of the layout of the Guidance Notes
- Compliance Programme, Systems and Training Obligations
- Assessing Risk and Applying a Risk Based Approach
- Customer Due Diligence
- Simplified Due Diligence Measures
- Enhanced CDD Measures (EDD)
- Politically Exposed Persons (PEPs)
- Record-keeping procedures
- Money Laundering Reporting Officer
- Other Internal Controls (relating to Audit Function, Outsourcing, Employee Screening and Training)
- Identification and Record-Keeping Requirements relating to Wire Transfers
- Correspondent Banks
- Sanctions Compliance
- Proliferation Financing/Targeted Financial Sanctions
- Ongoing Monitoring
Assessment Methodology – Online multiple choice testing
Duration of Course: 1 hour
Course Objectives:
This course provides an overview of the AML Guidance Notes that relates to each of the various areas of financial services in the Cayman Islands. The course provides detailed step by step guidelines on how to conduct due diligence and risk management for each of the various sectors within the industry.
Topics to be covered:
- Retail Banks and Non-Retail Banks
- Credit Unions
- Building Societies
- Fiduciary (company Formation and Trusts)
- Company Formation and Management
- Trusts
- Insurance Business
- Insurance Managers
- Mutual Funds and Mutual Fund Administrators
- Money Services Business, Other Regulated Financial Institutions and Unsupervised Lenders
- Cayman Islands Development Bank
- Loans by Un-Supervised Lenders
- Securities Investment Businesses (SIBs)
- Virtual Asset Service Providers
- Securitization
Assessment Methodology – Online multiple choice testing
Fully Online Course
Duration of Course: 1 hour
Course Objectives: This course provides an overview of how members of the board of directors of Cayman Islands regulated entities such as investment funds, banks, licensed securities investments and Registered Persons, insurance companies and other entities can improve their oversight of AML risk management of that entity. The course addresses the role of typical board committees, the three lines of defence and AML/CFT red flags that directors should be aware of. It includes guidance on how best to provide oversight on these types of matters at the board level.
Topics to be covered:
- Introduction to risk management for directors
- Responsibility of the board
- Typical board committees that focus on AML/CFT
- Expectations of directors
- Reporting lines
- Introduction to the 3 lines of defense
- AML red flags for directors
- Dealing with requests for AML/CFT exceptions
- AML & your Board agenda
Assessment Methodology – Online multiple choice testing
Duration of Course: 1 hour
Course Objectives: This course provides refresher training on AML risks in the real estate sector and how best to manage those risks. It includes case studies on laundering in the real estate industry, the internal controls and the roles of key persons on the compliance program of a realtor or developer and concludes with the due diligence requirements for the industry depending on the nature of the client and situation.
Topics to be covered:
- Money Laundering in the Real Estate Sector
- Internal Control Systems
- Measures to Counter ML risks
- Agent Due diligence
- Customer due diligence
- Ongoing Monitoring
Assessment Methodology – Online multiple choice testing
Duration of Course: 1 hour
Course Objectives: This course provides an overview of the AML/CFT regulatory framework for securities investment businesses (SIBs) in the Cayman Islands. It addresses how to apply the risk based approach (RBA) in an SIB environment, distinguishing between the types of SIB clients and the due diligence requirements for each as well as learning about the various AML/CFT Red Flags to avoid when working in, or serving as a director of, a securities investment business.
Topics to be covered:
- Brief introduction to Money Laundering (ML), Terrorist Financing (TF), Sanctions & Proliferation Financing (PF)
- Types of Securities Investments Business covered by the Laws and Regulations
- Risk Based Approach
- Risk assessment of the investor base
- Determining the SIBs Applicant for Business in various scenarios
- Customer Due Diligence
- When to use the various approaches to CDD
- AML/CFT Red Flags for SIBs
Assessment Methodology – Online multiple choice testing
Duration of Course: 1 hour
Course Objectives: This course provides refresher training on money laundering, terrorist financing and proliferation financing and sanctions risks relating to the insurance sector in the Cayman Islands and how best to manage those risks. It covers the key findings of the National Risk Assessment (NRA) as it relates specifically to the insurance sector and addresses how to apply the risk based approach (RBA) in the various types of insurance businesses. Participants will also learn about the types of insurance products and the key due diligence requirements for clients and policyholders, as well as the various AML/CFT Red Flags specific to the insurance industry.
Topics to be covered:
- Overview
- Global Standards
- AML/CFT/PF Refresher
- Sanctions
- National Risk Assessment for the Insurance Sector
- Overview of Insurance services
- Risk Based Approach
- Customer Due Diligence
- When to use the various approaches to CDD
- AML/CFT ‘Red Flags’ for the Insurance sector
Assessment Methodology – Online multiple choice testing
Duration of Course: 1 hour
Course Objectives: This course provides an in-depth understanding of Anti-Money Laundering (AML) risk management within the banking sector, with a particular focus on the Cayman Islands. Participants will explore the global banking system’s structure, how Cayman banks interact within this system, and the specific regulatory requirements of the Cayman Islands. The course will cover best practices in AML risk management, discuss technological innovations, and include case studies to apply learning in practical scenarios. By the end of the course, participants will be well-equipped to identify, prevent, and manage AML risks effectively within their banking institutions.
Topics to be covered:
- Introduction to the Global Banking System
- Overview of Global AML framework & relevance to banking
- Cayman Islands Banking Environment
- Regulatory Requirements for AML in Cayman Islands Banks
- AML Risk Management Best Practices for Banks
- Technological Innovations in AML Risk Management
- Case Studies in AML Risk Management
- Developing an Effective AML Compliance Culture
Assessment Methodology – Online multiple choice testing
Duration of Course: 1 hour
Course Objectives: This course provides refresher training on money laundering, terrorist financing and proliferation financing and sanctions risks relating to Mutual Funds and Mutual Fund Administrators in the Cayman Islands and how best to manage those risks. It covers the key findings of the National Risk Assessment (NRA) as it relates specifically to Mutual Funds and Mutual Fund Administrators and addresses how to apply the risk based approach (RBA) in the sector. Participants will also be introduced to the commonly used vehicles for establishing Mutual Funds and due diligence requirements for clients, as well as learn about the various AML/CFT Red Flags specific to the Mutual Funds and Mutual Fund Administrators.
Topics to be covered:
- Brief overview of AML/CFT/PF, sanctions & global standards
- National Risk Assessment for the Mutual Funds and Mutual Fund Administrators
- Overview of Mutual Funds and Mutual Fund Administrators
- Risk Based Approach
- Customer Due Diligence
- When to use the various approaches to CDD
- AML/CFT ‘Red Flags’ for the Mutual Fund Administrators sector
Assessment Methodology – Online multiple choice testing
Duration of Course: 1 hour
Course Objectives: This course provides refresher training on money laundering, terrorist financing and proliferation financing and sanctions risks relating to Company Formation and Management Providers in the Cayman Islands and how best to manage those risks. It covers the key findings of the National Risk Assessment (NRA) as it relates specifically to Company Service Providers and addresses how to apply the risk based approach (RBA) in the sector. Participants will also learn about the types of services offered by Company Formation and Management Providers and the key due diligence requirements for clients, as well as the various AML/CFT Red Flags specific to the sector.
Topics to be covered:
- Brief overview of AML/CFT/PF, sanctions & global standards
- National Risk Assessment for Company Formation and Management Providers
- Overview of Company Formation and Management Providers
- Risk Based Approach
- Customer Due Diligence
- When to use the various approaches to CDD
- AML/CFT ‘Red Flags’ for Company Formation and Management Providers
Assessment Methodology – Online multiple choice testing
Duration of Course: 1 hour
Course Objectives: This course provides refresher training on money laundering, terrorist financing and proliferation financing and sanctions risks relating to Dealers in Precious Metals and Stones in the Cayman Islands and how best to manage those risks. This course provides and overview of the sector specific direction within the DCI’s Guidance Notes for Real Estate, Property Developers and Dealers in Precious Metals and Stones. The course will also outline measures to counter money laundering risks to Dealers in Precious Metals and Stones as well as the various AML/CFT Red Flags specific to the sector.
Topics to be covered:
- Brief overview of AML/CFT/PF in the Dealers in Precious Metals and Stones sector
- Overview of measures to counter money laundering risks
- Procedures for Identification and Prevention of Proliferation Financing
- Customer Due Diligence
- On-going Due Diligence
- Review of actual cases
- AML/CFT ‘Red Flags’ for Dealers in Precious Metals and Stones
Assessment Methodology – Online multiple choice testing
Duration of Course: 1 hour
Course Objectives: This course provides an overview of the AML/CFT regulatory framework for Virtual Asset Service Providers (VASPs) in the Cayman Islands. It addresses how to manage AML risks within the virtual assets environment as well as how other service providers such as banks, attorneys, accountants and other institutions can effectively manage their AML risks when interacting with VASPs or dealing with virtual assets. Participants will also learn about the various risks unique to virtual assets as well as the AML red flags to avoid within this new and fast evolving space.
Topics to be covered:
- Brief introduction to key definitions of Virtual Asset Service Providers
- Types of activities covered under the VASPs Act
- How criminals abuse virtual assets
- Key compliance requirements for virtual assets in the Cayman Islands
- Conducting due diligence for VASPs
- Overview of key risk and processes: Production Orders, Batch File Transfers, Straight Through Processing & Cryptocurrencies
- Transaction Monitoring
- Reporting Suspicious activities
- AML Red Flags for virtual assets and how to manage their risks
Assessment Methodology – Online multiple choice testing
Duration of Course: 1 hour
Course Objectives: This course provides a comprehensive introduction to sanctions compliance with reference to the Cayman Islands within the global context. The course provides an overview of what sanctions are and why you need to comply with them. It sets out an overview of the Cayman Islands sanctions framework as well as guidance on how to manage your risks against potential sanctions violations. The course also outlines best practice on sanctions and demonstrates how sanctions fit into existing compliance frameworks and provides an overview of how sanctions screening tools work.
Topics to be covered:
- Definition and Types of sanctions
- The Cayman Islands’ regulatory context
- Enforcement actions
- Building prevention of sanctions violation into Compliance frameworks
- Risk Assessment
- The role of technology
- Reporting obligations
Assessment Methodology – Online multiple choice testing
Fully Online Course
Duration of Course: 1 hour
Course Objectives: This course is provides a comprehensive overview of the Rule on Corporate Governance for Regulated Entities as well as the Statement of Guidance (SOG) on Corporate Governance issued by the Cayman Islands Monetary Authority in 2023. The course draws on these documents while incorporating relevant corporate governance best practices. The course includes knowledge checks, case studies and a formal test to ensure that students gain a comprehensive understanding of CIMA’s expectations on corporate governance based on the Rule and SOG.
Topics to be covered:
- Introduction: Corporate Governance in a Global Context
- Directors’ Responsibilities Under CIMA’s Rule and Global Best Practices
- Board Composition and Governance Structure: Cayman Islands and Beyond
- Risk Management and Internal Controls: A Director’s Perspective
- Conflicts of Interest and Code of Conduct for Directors
- Financial Reporting and Audit Oversight: Enhancing Transparency
- Wider Corporate Governance Principles for Directors
Assessment Methodology – Knowledge checks/quizzes, case studies, online multiple choice testing
Duration of Course: 1 hour
Course Objectives: This course is designed for directors and staff working in the securities investment sector and equips you with the necessary knowledge of corporate governance, internal controls, market conduct, and client-related practices required under CIMA’s rules, statement of guidance and measures related to to securities investment businesses licensed or registered by CIMA. By the end of this course, you will be equipped with knowledge to maximise your securities investment business adherence to high standards of market conduct, ethics, transparency, and compliance.
Topics to be covered:
- Corporate Governance
- Internal Controls
- Market Conduct
- Insider trading
- Market Manipulation
- Conflict of Interest in Market Conduct
- Professional Standards for License Holders
- Disclosure Requirements
- Best Execution Obligations
- Ethical Conduct in Trading
- Disclosure of Fees and Charges
- Client Understanding, Suitability and Disclosure
- Case Studies in Insider Trading and Fraud
Assessment Methodology – Online multiple choice testing
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Other Courses
The FSI’s other courses and course descriptions will be available in the coming weeks. A list of some of the courses that will be on offer soon is provided below.
Online courses will cover a range of topics including the following:
ESG
Preparation for Regulatory Inspections
Investment Funds
Introduction to Insurance Management
Trusts
Banking
