FOR IMMEDIATE RELEASE

Media Contact: Kevin Morales, Operations and Production Manager

345-325-4281

345-749-3362

kevin.morales@ciipa.ky

In brief:  

• CIIPA is Cayman’s AML Supervisor for the accounting profession

• CIIPA recently published report on supervision activities in 2022

• Supervision included off-site monitoring, policy creation, consultations and outreach activities

George Town, Cayman Islands, 2 June 2023

The Cayman Islands Institute of Professional Accountants recently published its “Report on Supervision Activities of CIIPA pursuant to the AML Regulations,” which outlines CIIPA’s work throughout 2022 to combat and deter criminal activity.

As the Cayman Islands’ AML Supervisor for accounting firms, CIIPA continued its oversight of approximately 140 firms in 2022 through off-site monitoring, policy creation, consultations and outreach activities.

“We are proud to be Cayman’s AML Supervisor,” CIIPA Chief Executive Officer Sheree Ebanks said. “It’s an important role as we work together to ensure the effectiveness of our regulatory environment and maintain Cayman’s longstanding position as a global leader in the accounting profession and financial services industry.”

Two firms were subject to offsite monitoring in 2022, a process that included a review of the firms’ written controls and risks assessments. CIIPA also supports the Cayman Islands Monetary Authority in its collection of Proceeds of Crime Act declarations from public practice firms as required by the Accountants Act.

In April of 2022, CIIPA issued new guidance for accounting firms regarding the National Risk Assessment. This replaced the previous accounting sector risk assessments issued by CIIPA.

CIIPA responded to consultation conducted by the Anti-Money Laundering Unit on amendments to the Anti-Money Laundering Regulations. CIIPA also responded to both the pre-consultation and formal consultation regarding Beneficial Ownership conducted by the Ministry of Financial Services and Commerce.

Over the course of 2022, CIIPA held two AML training events, issued a Frequently Asked Questions document on sanctions stemming from the war in Ukraine, participated in two AML Compliance Officer Forums as well as an NRA Outreach programme. CIIPA continues to work closely with other local AML Supervisors.

In December, 2017, CIIPA became the AML Supervisory body for accounting firms and is charged with registering all accounting firms, monitoring for compliance, and issuing guidance, directives and procedures.

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ABOUT CIIPA

For 50 years, CIIPA has worked to further the public interest by providing oversight to the accounting profession. The organisation is committed to promoting the highest standards of professional and ethical conduct, while supporting the growth of the profession. CIIPA is a full member of the International Federation of Accountants (IFAC), the worldwide organisation representing the profession, and prides itself on its role as both an educator and regulator in the financial services industry.