There are a lot of professional development and information generated conferences scheduled for the first half of this year for Compliance Professionals and Money Laundering Reporting Officers and we encourage you if are in Compliance to attend at least one.
Also as a member of BACO, ICA and/or ACAMS you will be required to gather professional hours this year. However, just before you register for a conference carry out some research, you must measure content against commerce.
At the conferences there will be many kiosks/booths promoting software tools to assist you in your Money Laundering Prevention function or Compliance function. While these are important and should be visited we want to steer you to some of the kiosks that are also focusing on fraud prevention.
This year BACO will begin a focus on fraud investigations and cases along with other issues, so keep your eyes fixed on the Compliance Column.
The Regional Compliance Conference February 24th – 25th
At the first Regional Compliance Association Conference in 2003 in The Bahamas, The Regional Compliance Association was formed. This Association continues to be greatly supported by Minister Alfred Sears former Chairman of the Caribbean Financial Action Task Force (CFATF).
This year the Association moved toward formalising our documents at the 2nd Annual Regional Compliance Conference held in Cayman. The Association is now floating the theme BEYOND COMPLIANCE for feedback from the Compliance Associations within the region.
The Conference was well organised and significantly supported by the local Caymanian Financial Institutions and Regulatory bodies – approximately 170 attendees inclusive of a number of regional delegates and Speakers. Experts within the global financial community (the Global Heads of Money Laundering for Citigroup, Royal Bank of Canada, Goldman Sachs and Kroll) and the FBI, U.S. Departments of Treasury and Justice, the IM, Foreign Commonwealth Office and the Caribbean Financial Action Task Force made presentations to clarify outstanding compliance issues as well as provide guidelines to assist in the compliance function.
The Conference was well organised and the presentations and the discussions were sometimes provocative. Panels were organised on the IMF Assessment Programmes, and a representative of the IMF spoke about technical assistance programmes available to countries found to have deficiencies in their AML regime. The panel considered whether we had seen the last of NCCT blacklisting and the consensus was that while countries continue to be monitored, other measures would be considered by the FATF to replace the "black listing".
Regulators from Cayman, Jersey and BVI considered the potential impact of Basle II and the EU Tax Directive and also discussed the need for Compliance Structures and Codes to address issues, which may arise.
Case studies were presented on financial crimes and of AML Typologies in the wake of anti-terrorism and the heightened awareness of PEPs. The myth of confidentiality was examined with conclusions that clients' right to privacy still existed but the actuality of policy and legislation globally on cooperation has resulted in some privacy being relinquished.
A panel looked at investigations involving fraud. The interaction and discussion at this conference also allowed the Regional Compliance Association to grow. Two observers from Turks and Caicos and Panama expressed interest in establishing compliance associations in their jurisdictions.
The next Regional Compliance Conference will be in 2006 in Barbados. In the interim this column will provide updates on the Regional Compliance Association.
The Bahamas Association of Compliance Officers
At the recent Annual General meeting (17th Feb. 2005) of the Bahamas Association of Compliance Officers, the Executive Committee 2005 was elected.
The Executive Committee 2005
Robin Scavella - President
Keva Bain - Executive Vice President
Vanessa Longley - Vice President
Edward Cooper - Treasurer
Steve Davis - Asst. Treasurer
Marsha Ferguson - Secretary
Duhiza Swaby - Asst. Secretary
Stephen Miller - Chair of Education Committee
Dave Smith &Barbara Rodgers Co-Chairs of Administrative Committee
Jeunesse Osadebay - Chair Social Committee
Antoinette Russell - Chair of Public Relations
BACO's calendar for 2005 has been prepared and we want to highlight our annual MLRO day set for April, the Compliance Workshop and the AML and Compliance Certificate Awards Ceremony set for June and the Annual Northern Bahamas Compliance and Anti- Money Laundering workshop. We hope this year to partner with other Professional Associations, continue previously formed alliances and of course continue protecting the reputation of this jurisdiction and Financial Institutions in the Bahamas.
www.bahamascompliance.com The website is back, we invite you to visit and watch out for the BACO Calendar
