IRG LTD APPROVED AS COMPLIANT WITH ANTI MONEY LAUNDERING AND GLOBAL COMPLIANCE AUDIT

Global Compliance Solutions recently conducted an audit of all member of the Cayman Islands Real Estate Brokers Association (CIREBA). The purpose of the audit was to ensure that all members of CIREBA adhere to the requirements as set out by the Proceeds of Crime Law, the Money Laundering Regulations and the Guidance Notes as issued by the Cayman Islands Monetary Authority (CIMA).

As an offshore financial and tax free center, the Cayman Islands has had more than its fair share of scrutiny from around the globe, particularly in the area of tax evasion and fraud. It has always been the focus of Cayman Islands Government and CIMA to ensure that the Cayman Islands and all of its financial entities and corporations comply to strict laws and anti-money laundering guidelines, not only to ensure continued and healthy economic growth, but also to substantiate to all foreign investors that the Cayman Islands will only conduct and accept authentic transactions, regardless of the investment platform.

The following is exerts from the report’s findings on International Realty Group Ltd.

• The Anti-Money Laundering (AML) Policy & Procedure Manual is accessible to all staff and all staff members were required to sign the front of the manual once they had read it.
• Know Your Customer (KYC) documentation which ensures completeness of customer identification and verification are complete and Jeremy Hurst, owner and broker of IRG Ltd ensures that due diligence procedures is complete.
• IRG Ltd has retained client documentation for 7 years, even though the norm is only 5 years. As a matter of good practice all files have been backed up electronically.
• All IRG Ltd management and staff have and will attend AML workshop hosted by CIREBA
• All IRG Ltd agents have assessed the process whereby they are able to identify and report suspicious activity to the Financial Reporting Authority (FRA). Suspicious activity has also been reported by staff to Jeremy Hurst, owner and broker.
• All IRG Ltd staff that is on a work permit has had to supply police clearances on order to have the permit approved. Locally employed individuals had to supply a reference letter and background checks were conducted.
• All KYC files are complete
• The overall findings in this report finds IRG Ltd compliant with the requirements of Global Compliance Solutions

To find out more about making a safe and secure investment in Cayman Islands property, whether residential, commercial or raw land, please email irg@candw.ky or browse our listings at www.irgcayman.com. If you would like to speak to a person please call 1 345 623 1111