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Financial Services Minister Emphasises the Value of Effective Compliance
Lawmakers, regulators, and the financial services industry in the Cayman Islands all have distinct, essential roles in effectively meeting global regulatory standards, Minister of Financial Services and Commerce the Hon. André Ebanks said today, following his remarks at the Mourant Regulatory Conference.
And, by continuing to effectively comply with regulations - coupled with bringing new products to market - both the Cayman Islands financial services industry and the people of the Cayman Islands will thrive socioeconomically.
"That's the value we derive, here at home, from effective compliance," Minister Ebanks said.
Equally important, he noted that effective compliance with global standards validates that the Cayman Islands actively fights cross-border financial crime.
In his welcome address, delivered to more than 200 industry members at The Ritz-Carlton Grand Cayman, Minister Ebanks acknowledged Government's progress in approving and enacting regulations that uphold global standards, and recognised enforcement as one of several mechanisms in the compliance "toolbox" that helps protect the Cayman Islands' reputation as a place for sound business.
He also highlighted local industry's continuing diligence in implementing Government's regulatory requirements.
Mourant has organised its regulatory conference for 11 years. In addition to updating local industry on global regulatory developments and staff, its speakers presented several best practices for compliance.
Following Minister Ebanks' remarks, representatives from the Cayman Islands Monetary Authority outlined local policies and procedures regarding anti-money laundering and countering terrorism financing. Department of International Tax Cooperation representatives noted why the Cayman Islands participates in global tax information exchange, and updated conference participants on developments and current regulatory requirements. Mourant closed its conference with representatives from the Financial Reporting Authority and industry addressing industry's response to financial sanctions.
