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Money Laundering Prevention

We are required by our internal policies as well as the Proceeds of Criminal Conduct Law (as amended) and The Money Laundering Regulations (as amended) to maintain systems and training procedures designed to prevent money laundering.

 These procedures are categorized as follows:

  1. Identification procedures.
  2. Record keeping procedures.
  3. Internal reporting procedures.
  4. Any other such internal procedures as may be appropriate.
  5. Training in the recognition and handling of money laundering transactions.
  6. Procedures to ensure staff are aware of the above procedures and the regulatory obligations. 

In addition, the Guidance Notes on the Prevention and Detection of Money Laundering in the Cayman Islands issued by the Cayman Islands Monetary Authority sets out in more detail the specifics as to client verification, record keeping, reporting and training.

Download the Cayman Islands Monetary Authority Guidance Notes on the Prevention and Detection of Money Laundering in the Cayman Islands.

VBT Bank & Trust, Ltd. has a detailed policy on anti-money laundering, Statement of Policy
and Procedures with respect to Money Laundering and Financial Crimes, which covers all the requirements of the Proceeds of Criminal Conduct Law (as amended), The Money Laundering Regulations (as amended) and the Guidance Notes.

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