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  • BDO ANTI MONEY LAUNDERING & FINANCIAL CRIME WEBINAR - Where are we now and what's next


Date: 21 May 2021
Time: 09:30 - 11:00

Cayman Islands  

  • Summary
  • Recording

Caribbean - 2020 has been marked by a pandemic, a record hurricane season, and a tough economic downturn. According to the World Economic Outlook Oct. 2020, the trade outlook is particularly bleak for tourism-dependent economies, where restrictions on international travel, together with consumers' fear of contagion, likely to weigh heavily on tourism activity even in situations where the pandemic appears contained for now (economies in the Caribbean, for example). This is coupled with the increased scrutiny of anti-money laundering and financial crime legislation in the Caribbean and around the world.

Responding to the current demands, BDO is hosting two free webinars and a virtual conference event to explore the current 'risk drivers' in the Caribbean region. This webinar will include some of the key challenges (as noted below) and the ways in which businesses could mitigate those risks in compliance with local AML standards and controls.

This webinar aims to provide an overview of the Caribbean AML landscape:

Where We Are & Next Steps and the impact of some of the key risk drivers in the region, such as:

  • Risk Assessment Approach - threat tiers based on the evaluation of the risk they pose + due diligence process.
  • Policy Management - develop and implement internal guidelines regarding ML/TF risks and maintain regulatory compliance.
  • Country Risk Assessment - models developed by BDO, including the World Bank and International Monetary Fund (IMF), the FATF guidance and views expressed in consultation with key stakeholders of the Eastern Caribbean's AML/CFT regime.
  • Source of Wealth/Funds – factors determining the legitimacy of a client's source of funds and source of wealth.
  • China Challenges – Specific AML risks and concerns when dealing with Chinese clients.
  • Combatting Human Trafficking and Trade-Based Money Laundering (TBML) across the Caribbean.



Especially relevant to those involved in AML compliance, this event is also aimed at:

  • Chief Compliance Officers
  • Money Laundering Reporting Officers
  • Money Laundering Compliance Officers
  • Chief Risk officers
  • Board of Directors
  • Fraud Officers
  • Those with interest in AML compliance



Heidy Duarte – Director, Advisory, Forensic Investigations and Litigation Services (HOST), BDO

Kimberly Smith – Co Founder, Compliance Management, SILO Compliance System

Angela Mele - Director, Compliance Management, RiskPass AML+Compliance Ltd



Anti Money Laudering and Financial Crime Services 
IIn recent years, the Cayman Islands has significantly expanded its anti-money laundering legislative framework. The Money Laundering Regulations (2018 Revision) have recently been replaced by The Anti-Money Laundering Regulations, 2020 ("AML Regulations") on January 9, 2020. The AML Regulations provide enhancements to the existing anti-money laundering and counter-terrorist financing ("AML/CTF") framework, which reflects international standards, which is reflected in the Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands ("the Guidance Notes", June 5 2020). The AML Regulations applies to "relevant financial businesses," meaning that both regulated and unregulated investment entities, insurance entities, and finance vehicles will now be subject to the AML Regulations and the mandatory procedure obligations. The AML Regulations is closely aligned with the Financial Action Task Force ("FATF") recommendations, which reflects a risk-based approach. To Learn More


Access the webinar recording

CPE credit is not available for this webinar