📚 Registrar to assist churches in understanding risk assessment

The Registrar of Non-Profit Organisations (NPOs) is preparing local charities in the Cayman Islands for their terrorist financing risk assessments. This comes as the country prepares for its latest National Risk Assessment of its AML/CFT/CPF (anti-money laundering, countering the financing of terrorism, and countering proliferation financing) regime. The registrar, part of the General Registry under the Ministry of Financial Services and Commerce, is now focusing on local churches, with more than 600 registered NPOs in the Cayman Islands, many of which are religious institutions. 🏦

Outreach sessions have already been held for NPO representatives from community groups, philanthropic organisations, and PTAs. The next session, scheduled for 18 July at the Government Administration Building, will target churches and other religious organisations. The sessions aim to educate NPOs about the assessment, what will be required from them, and how best they can prepare. The terrorist financing risk assessment of the NPO sector, scheduled for Q4 2024, is part of the overall National Risk Assessment. 📝

“We are in constant dialogue with NPOs, and many of them have a good working knowledge of their responsibilities under the Non-Profit Organisations Act (2020 Revision). These sessions provide information on the assessment, what will be required from NPOs and how best they can be prepared,” said Head of Compliance Paul Inniss. The sessions cover governance, internal controls, and other practical considerations in regard to the risk assessment. 🗣️