Turnpage

Please visit our sponsors

RSS Feed
 

Current News & Press

 

Advertisement

The Bahamas Investor

News & Press Archives

 
The Bahamas Investor on facebookFollow The Bahamas Investor on TwitterSubscribe to RSS feeds from The Bahamas Investor
HOME > 
News & Press > 
AG: Industry must brace for compliance change

Industry leaders gathered this morning to discuss the changing compliance landscape and its implications for The Bahamas, with Attorney General Carl Bethel warning: "The demands [of compliance] are expanding and we are going to have to really change the way we do business if we are to succeed." 

Source:
Date:
Updated:
TheBahamasInvestor.com
Thursday, October 26, 2017
Thursday, October 26, 2017

Industry leaders gathered this morning to discuss the changing compliance landscape and its implications for The Bahamas, with Attorney General Carl Bethel warning: “The demands [of compliance] are expanding and we are going to have to really change the way we do business if we are to succeed.”

Speaking at Money Laundering Reporting Officers (MLRO) Day this morning, the Attorney General said compliance, once viewed as a “necessary evil”, has now expanded its scope to become an integral part of every institution’s culture and the jurisdiction’s reputation as a whole.


“There is not only a change in the mandates and requirements being made by the international community, but also in the essential nature of the functions you are expected to perform as compliance officers,” he told attendees.

Following a review by the Caribbean Financial Action Task Force (CFATF), the government has now completed its National Risk Assessment to address gaps in The Bahamas’ compliance competency and the Attorney General’s office is presently drafting a suite of legislation to bring the country up to speed.

“We want to have a balanced but aggressive approach, working together to ensure we achieve the maximum benefits for The Bahamas,” said Bethel. “Our intent is to embrace the inevitable changes, expectations and disciplines. The government believes that these enhancements and improvements will bring development to this country and position the financial services sector as a well-regulated, compliant, international financial centre.”

In her address, CEO of the Bahamas Financial Services Board, Tanya McCartney spoke further about the changes in the industry. She pointed to the growth of Fintech as an area of concern and said compliance officers should educate themselves on how technology will affect the sector.

McCartney highlighted the importance of compliance to the financial services industry as a whole, saying: “The risks to the financial services industry have never been higher. Compliance is front and centre. The Bahamas’ value proposition is underpinned by a stated commitment to following regulations.”

MLRO Day is hosted by the Bahamas Association of Compliance Officers. It takes place today and tomorrow at the Baha Mar Convention Centre in Nassau.

cmorris@dupuch.com

Executives of PriceWaterhouseCoopers made a courtesy call on the Minister of Labour Dion Foulkes 19 October, 2017 at the Ministry of Labour.

Opening the 12th Annual Northern Conference of The Bahamas Association of Compliance Officers in Freeport yesterday, Deputy Prime Minister and Minister of Finance Peter Turnquest said that the strength of Grand Bahama’s economy is vital to the nation’s overall growth.

The Bahamas Investor
Administrative Links
  


  © 2017 ETIENNE DUPUCH JR PUBLICATIONS LTD