Opportunities abound for compliance officers as the government targets niche industries, according to Minister of Financial Services Ryan Pinder who urged attendees at yesterday’s Money Laundering Reporting Officers (MLRO) Day to “own their segment” of the financial services sector.

The Minister said that government was currently finalising its guidance on outsourcing compliance functions and urged members of the industry to capitalise on the entrepreneurial opportunities that would arise from this, saying: “This will give you the opportunity to be owners of your industry [and] to take advantage of the growth to come in the financial services industry.”

In addition, Minister Pinder said there has been “noticeable growth” in two new niche markets – captive insurance and management companies – and that these could also provide opportunities for compliance officers.

The Minister delivered the opening address at today’s conference, which was organised by the Bahamas Association of Compliance Officers (BACO) and took place at the British Colonial Hilton, Nassau. He spoke of the recent developments in financial services worldwide, in particular the impact of increased regulation and global scrutiny, saying: “The international arena of financial services is in evolution and seems to be changing day in and day out. It seems that every single day we hear about a new policy [or] a new international agreement that affects, in some form or fashion, the financial services industry. There is a clear global expansion in compliance.

“Change can be intimidating but it can also be a source of opportunities. I advise you to stay confident and to stay knowledgeable. I challenge you to embrace the new paradigm in which we find ourselves.”