Real estate agents and brokers, and dealers in treasured metals and stones might be assisted with Government’s obligatory registration procedure during 1/2-day workshops organized by using the Department of Commerce and Investment (DCI)’s regulatory group of workers.
DCI will send invitations for the workshops, both of in order to be held on nine May, without delay to agents, brokers, and dealers; additionally, humans who believe they’re eligible for the workshops are asked to contact DCI. Speakers will encompass Minister of Commerce the Hon. Joey Hew, Cayman Islands Compliance Association President Sandra Edun-Watler, and DCI’s Compliance and Enforcement crew.
“These workshops are essential, due to the fact registration will allow those individuals to preserve operating their businesses in Cayman,” said DCI Director Ryan Rajkumarsingh. “The Anti-Money Laundering Regulations (2018 Revision), which were amended in March 2018, require them to check in as part of Cayman’s compliance regime, in line with global requirements which might be assessed by using the Caribbean Financial Action Task Force (CFATF).”
All actual property marketers and brokers, and valuable metals and stone sellers, need to be registered as DNFBPs by using Wednesday, 29 May. Failure to conform may additionally bring about administrative consequences being applied, Mr. Rajkumarsingh stated.
In addition to being able to check in with DCI’s assistance, workshop individuals will examine:
The key troubles and challenges for sellers and sellers, as mentioned within the CFATF’s Mutual Evaluation Report on Cayman’s regime for anti-cash laundering, countering the financing of terrorism, and proliferation financing (AML/CFT/PF). The CFATF document turned into posted in March 2019.
The region’s hazard assessment.
How to set up a compliance regime.
At the belief of this workshop, participants ought to:
Know and apprehend the Mutual Evaluation Report’s recommendations.
Understand the registration necessities and what will follow.
Understand the outcomes of non-compliance.
Mr. Rajkumarsingh defined that the CFATF classifies dealers and dealers as “Designated Non-Financial Businesses and Professions,” or DNFBPs. This class recognizes that these individuals, at the same time as now not working directly in economic offerings, are regulated because of the worldwide danger of cash laundering, the financing of terrorism, and proliferation financing in these sectors.
For extra facts at the workshops, touch DCI’s Stefanie Suckoo at cuckoo
The content of this newsletter is supposed to provide a general guide to the subject count number. Specialist advice ought to be sought about your unique occasions.
Despite the widely available access to real estate listings, many believe that MLS databases continue to offer the most complete and accurate source of real estate information. Most MLSs now distribute content to other Web sites (primarily operated by real estate agents). An excellent starting point for MLS originated content is the national NAR Web site, realtor.com, which is also the most popular web site for searching real estate listings. Virtually all local and regional MLSs have an agreement with realtor.com to display much of their active listing inventory.
Some local and regional MLS systems also have a publicly accessible Web site. However, to get complete information you will most likely still need to find a qualified local REALTOR. Many local real estate agents will also provide their customers (via email) new listings that are input into the MLS that match their predefined criteria. This can be very helpful to a busy buyer.
There are also many Web sites that display both real estate agent listed and for-sale-by-owner properties. Some of the more popular Web sites include zillow.com and trulia.com. These sites offer other services too. For example, zillow.com is best known for its instantaneous property valuation function and trulia.com for providing historical information. Another source of properties for sale is the state, regional, and local Web sites associated with brokerage companies; for example, remax.com or prudential.com. Search engines like yahoo.com and classified advertising sites like craigslist.com also have a large number of active real estate listings.
One key difference between these sites is how much information you can access anonymously. For example, at trulia.com you can shop anonymously up to a point but then you will need to click through to the agent’s Web site for more information. Many new real estate search engines allow you to sift through listings without having to fill out a form. The best strategy is to browse a few of the sites listed above to find geographic areas or price ranges that are interesting. Once you get serious about a property, then that is the time to find a qualified REALTOR of your choice to conduct a complete search in the local MLS.
It also never hurts to search the old-fashioned way by driving through the neighborhoods that interest you. There is no substitute for physically, not virtually, walking the block when you are making a serious investment decision. In this sense, real estate is still a very local business and standing in front of the property can lead to a much different decision than viewing a Web page printout.
