Cayman Islands To Clarify Role Of Money Laundering Reporting Officers

Cayman Net News

16 August 2001

This story reproduced by kind permission of Cayman Net News at: http://www.caymannetnews.com

Money Laundering Reporting Officers (MLRO's) and their deputies here will have an opportunity to be part of two one-day training sessions for Senior Management hosted by the Cayman Islands Compliance Association (CICA) in conjunction with the Cayman Islands Bankers' Association (CIBA).

The sessions are scheduled for 6 and 7 September.

CICA has said that the current anti-money laundering legislation requires that financial services providers identify a person within their organisations, an MLRO, to whom a report is to be made of any information which gives rise to a suspicion that another person is engaged in money laundering.

"The person charged with this responsibility is required to have the appropriate authority in the organisation and access to information in which to investigate and decide whether to report such findings. "

The Association said that in the past year a number of the financial service providers have appointed an MLRO but, given the distinctive nature of this position, senior management and the MLROs are seeking clarification regarding the MLRO's role, functions and obligations.

The training sessions will deal with these issues and also with the techniques for training staff on anti-money laundering matters.

Mr. Eric Crutchley, President of CIBA, stated "With the current regulatory environment, the role of the MLRO becomes one, if not the most important, role for any financial service provider".

Alistair Walters, President of CICA, added "The one-day sessions provide a value forum for senior management, MLROs, and their deputies to hear from seasoned professionals on the matters that directly affects MLROs, including insight into developing and documenting an organisation's training plan. It also provides an excellent opportunity for senior management and MLROs to meet and discuss anti-money laundering matters with experts and other professionals in the industry."

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