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AML & Advisory services in the Cayman Islands

The AML & Advisory practice at Deloitte in the Cayman Islands brings together a close-knit team of professionals that includes chartered accountants, certified public accountants, chartered financial analysts, certified fraud examiners, qualified insolvency practitioners, computer forensic specialists and former law enforcement and financial services professionals.

About our team

Our team consists of staff members with specialist fields of expertise including, corporate restructuring, fraud and financial investigation, litigation support, asset tracing and recovery, computer forensics, data analytics, anti-money laundering, business intelligence, compliance reviews and insolvency. These practitioners have specialized industry knowledge as well as significant practical experience developed through multiple local, regional and international engagements spanning all aspects of the offshore and onshore financial services industry and many other industry sectors.

We specialise in providing insolvency, restructuring, forensic, dispute consulting and corporate finance services to hedge funds, financial institutions, trusts, limited partnerships and special purpose entities.

We are also able to draw from the deep intellectual capital of over 200,000 professionals within the Deloitte network of member firms and their affiliates worldwide. Access to this wide base of knowledge enables our professionals to address a broad range of issues involving people, processes and technology. Our services are scalable and can be tailored to your industry and specific needs.

Anti-Money Laundering, Corruption and Sanctions Consulting

The professionals in the anti-money laundering (“AML”) services practice at Deloitte have assisted clients with AML issues for more than 20 years. Through our investigation experience, we have gained a deep understanding of the myriad of ways money launderers work — concealment of source/beneficiary, the use of shell companies and trusts, smuggling, counterfeiting, corruption, third-party fraud or theft/ diversion by insiders, etc. — and we have the skills and experience to help clients implement detection and compliance programs to counter these fraudulent activities.

Working with the DTTL worldwide network of member firms, we have designed, reviewed, enhanced, implemented and monitored numerous AML detection and compliance programs for clients around the world.

Our work has included assessing AML risk at the enterprise and business unit level, drafting and enhancing policies and procedures, creating and delivering training modules, compliance assessments, forensic “look backs” pursuant to regulatory orders, internal controls assessments, selection and implementation of technology solutions and internal investigations.

Anti-Money Laundering Consulting services include:

  • AML gap analysis & compliance program assessments
  • AML due diligence & know your customer assessments
  • AML risk and control services
  • AML technology consulting
  • AML training
  • AML transaction analysis

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Anti-Corruption Consulting

Our anti-corruption consulting practice helps organisations navigate risks and respond to potential violations in relation to anti-corruption legislation, such as the Foreign Corrupt Practices Act (FCPA). Utilising the network of Deloitte’s member firms and their affiliates including forensic resources in the United States, Canada, Europe, Africa, Latin America and Asia, we have worked on a variety of anti-corruption engagements including investigations, acquisition due diligence and compliance program implementation and assessments in over fifty countries for some of the world’s leading companies.

We collect and analyse accounting data and other hard copy and electronic documents, including e-mail, to identify the ‘red flags’ of potential violations and gaps in companies’ anti-corruption controls.

Anti-Corruption Consulting services include:

  • Anti-corruption investigations and look backs
  • Anti-corruption due diligence
  • Anti-corruption programs and controls

Economic and Trade Sanctions Consulting

Economic and trade sanctions are imposed by governments or multi-national organizations such as the EU or UN to further foreign policy objectives; for example to address state to state security threats or human rights abuses. Sanctions generally prohibit companies and individuals from entering into or facilitating transactions involving sanctioned regimes or designated entities or individuals in order to limit their access to capital markets and goods.

The challenges and risks posed by economic and trade sanctions should not be underestimated. Establishing which sanctions regime applies, and under which circumstances, is by no means straightforward. Organizations face tough decisions when striking the right balance between having a conservative enterprise-wide sanctions policy and an efficient real-time transaction screening approach that does not adversely impact its ability to execute transactions competitively. Recent enforcement actions between global financial institutions and their regulators and law enforcement have demonstrated the significant potential costs, both tangible and intangible, of failure to comply with economic sanctions requirements. Most notably, to settle United States investigations after admitting violations of United States sanctions, several financial institutions have paid up to hundreds of millions in fines.

Deloitte has experience in providing overall, discrete, and timely advice on sanctions programs risk management and compliance. We have worked with many of the world’s largest financial services institutions and have well-established relations with the relevant regulators. With a global practice and centers of excellence, Deloitte is well positioned to assist entities including financial institutions, insurance companies, asset managers and investment funds in meeting the challenges posed by sanctions regimes around the world.

Business Intelligence Services

The Business Intelligence Services practice at Deloitte consists of highly trained investigators and intelligence specialists with extensive experience in due diligence, litigation support, fraud and other investigations. Working with other member firms of the DTTL network, we can gather background information and business intelligence virtually anywhere in the world in a timely and cost-effective manner, including those jurisdictions where public records are sparse. Businesses considering mergers, acquisitions, strategic relationships or investments need accurate information about entities and their executives and the potential risks that they may present. We provide corporations, investment funds, trustees, financial services institutions and law firms with comprehensive reporting tailored to meet their specific requests and requirements, while maintaining a high degree of confidentiality and discretion.

On each assignment, our professionals uncover, analyse and report relevant information to help clients make informed decisions. If fraud is suspected, companies often require in-depth background investigations to unravel the problem. Our team performs background investigations of parties suspected of wrongdoing, searches for conflicts of interest and undisclosed business affiliations, or investigates whether parties are living beyond their means. We seek to uncover direct and circumstantial evidence of fraud, as well as any prior financial, legal, regulatory or criminal problems, or links to organized crime.

When appropriate, we utilise relationship analysis software to demonstrate visually the relationships between subject individuals and entities, or the flow of misappropriated funds. Our professionals are also skilled in performing sophisticated online research and intelligence gathering, and can obtain open source and actionable intelligence from websites, the deep web, news feeds and blogs and social media. Our data analytic resources also enable us to capture and analyse real time online information, and to provide visual analysis of complex and dynamic information.

Typically, we are engaged by our clients to carry out enquiries and focus on issues in the following areas:

  • The target’s business history, activities and reputation
  • The track record and background of its principals
  • The source of its initial capital
  • Its transaction history
  • The award and maintenance of necessary governmental licenses and contracts
  • The use (and misuse) of political influence
  • Conflicts of interest
  • Where relevant, links to serious or organized crime
  • The identification of assets held by a company or individual
  • The identification and analysis of potentially conflicting commercial interests
  • Gaining thorough understanding of the commercial modus operandi of an individual company

As part of our litigation support services, we can also assist clients by investigating opposing parties and their experts, help find facts relevant to claims and defences, and identify and locate witnesses. We can assist in focusing or expanding the scope of the litigation as new critical information is developed.

 

Forensic Trust Services

In an increasingly demanding business environment, with pressures from regulatory bodies and stakeholders in trust activities (beneficiaries, settlors, protectors and other interested parties), the focus on trustees has never been greater. The legal, commercial, financial and professional risks to trustees who are responsible for complex portfolios of business continue to increase.

Sophisticated beneficiaries and settlors are demanding greater transparency from trustees and placing trustees’ performance and decisions under greater scrutiny. To meet the needs of trustees and their lawyers, Deloitte has established a specialist team led by the Forensic and Dispute Services practice, with ready access to the full range of Deloitte services.

Our team works closely with the trustees and their lawyers to find the right solution to any situation a trustee may face. Led by forensic specialists with access to deep industry expertise, our Trustee Services team provides independent assistance and advice to trustees when faced with issues that could lead to potential disputes with other parties. These issues often arise when the risks faced by trustees have been heightened through a change in circumstances of the trust.

Forensic Trust Services include:

  • Due diligence and risk assessments regarding new client relationships
  • Dispute consulting
  • Assessment and Review of Investment Management Performance
  • Review, restatement, or preparation of trust accounts
  • Asset recovery
  • Receivership of trust assets
  • Trust-specific litigation support
  • Provision of Expert Witness services

 

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