The Division of Commerce and Funding (DCI) has launched a brand new on-line system for Designated Non-Monetary Enterprise and Professions (DNFBPs) to facilitate varied interactions between the Division and DNFBPs for regulatory and compliance help.
The DNFBPs which are underneath DCI’s regulatory supervision embrace actual property brokers, actual property brokers, property builders, sellers in treasured metals and sellers in treasured stones.
The web system, which is accessible at www.dci.gov.ky, permits DNFBPs to register on-line, replace data and submit paperwork reminiscent of transactions experiences. The system, which shall be used to handle registrations, desktop evaluations and administrative fines, will even operate as a mechanism for communication between DCI and DNFBPs.
Director of DCI, Ryan Rajkumarsingh famous that a part of DCI’s obligations to the Caribbean Monetary Motion Activity Drive is for the Division to make sure that regulated industries are compliant or are taking steps to attain compliance with the necessities established underneath the anti-money laundering laws.
“We’re dedicated to offering all of the required help to make sure compliance and likewise sustaining steady communication with our clients. We’ll proceed to enhance our companies. We stay up for partnership on these objectives and hope that our clients will reap the advantages of this progressive method of doing enterprise” mentioned Mr. Rajkumarsingh.
Head of Compliance and Enforcement at DCI, Claudia Brady famous that the brand new system is designed to be handy and fewer time consuming to clients. “It can facilitate environment friendly and safe interactions between DCI and DNFBPs. That is a part of our continued efforts to enhance customer support as we try to be a world class civil service and likewise defend the status of the Cayman Islands”, she mentioned.
The undertaking to ship the brand new on-line system was managed by the E-Authorities Unit within the Ministry of Commerce, Planning and Infrastructure.
Director of E-Authorities Unit, Ian Tibbetts highlighted that the Unit continues to develop authorities companies on-line. Presently, 96% of firm registrations, annual returns and director adjustments are actually being finished digitally. In a number of days, the Unit will even launch an internet system to permit individuals to use for naturalisation or registration as British Abroad Territories Citizen, in addition to a system to facilitate submissions for publishing within the Gazettes.
Different on-line tasks lately delivered by the E-Authorities Unit embrace the Division of Car and Drivers’ Licensing renewal service for visitor customers and the DCI’s commerce and enterprise licence on-line service which permits enterprise homeowners to use or renew their licences on-line. Over the previous three months, roughly 74% of all commerce and enterprise transactions had been finished on-line.
“These companies have reworked the best way our clients can now do enterprise with the Cayman Islands Authorities, and types a key a part of our technique to ship extra environment friendly companies to the companies and most of the people,” Mr. Tibbetts mentioned.
To accommodate DNFBPs that do not need on-line entry, the DCI will proceed to just accept arduous copies of purposes till all DNFBPs are added to the brand new system. Paperwork needs to be submitted to the Division of Commerce and Funding counter on the Authorities Administration Constructing.