CIIB advances compliance expertise

As the regulatory environment is being increasingly enhanced worldwide, The Cayman Islands Investment Bureau has reinforced its domestic compliance regimen for advising foreign investors seeking to do business in Cayman.

This specialized expertise comes through CIIB Investment Services Administrator Shannon McKenzie, who recently earned a Diploma in Compliance from the University of Manchester Business School.

Ms McKenzie gained a thorough understanding of international strategies and best practice initiatives, as well as techniques to ensure full compliance with domestic legislation. She also studied the duties and responsibilities of an effective compliance and anti-money-laundering professional, and acquired a solid knowledge-base on the contribution of effective compliance on good corporate governance, states a press release.

The year-long programme was administered through the Cayman Islands Compliance Association. Ms McKenzie now becomes a member of the International Compliance Association and as a result the CIIB is eligible for corporate membership.

Ms McKenzie commented, ‘The corporate membership will give the Bureau greater recognition for the high standards to which it adheres. It will also demonstrate government’s commitment to the role of compliance.’

Commenting on Ms McKenzie’s accomplishment, CIIB Executive Director Dr. Dax Basdeo, noted that with the growing demand for compliance professionals globally, the Diploma in Compliance is becoming an essential requirement for full service economic development agencies such as the CIIB.

‘Being responsible for all foreign enquiries relating to business start-up and investments, Ms McKenzie is in contact with clients worldwide,’ Dr. Basdeo said. ‘With her new qualification as a Compliance Professional, she has the added expertise to also ensure that Know Your Customer procedures are effectively carried out.’

Ms McKenzie has over six years experience in the civil service and is currently pursuing a Masters in Business Administration through the University of Leicester. She is an active member of the community and sits on various NGO boards and committees. She is a member of the Young Business & Professional Women’s Club.

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