The Cayman Islands Compliance Association elected a new Committee at its AGM last month.
The new Executive Committee is President, Martin Livingston of Maples & Calder; Vice-President, Kenneth Krys of RSM Cayman; Secretary, Ian Patrick of Appleby Spurling Bailhache and Treasurer, Robin Jarvis of Butterfield Bank.
The association’s newly-elected committee members are Richard Trull (Rawlinson & Hunter), Daniel Speirs (Caledonian Bank & Trust Ltd.), Weikert Weber (CITCO), Nancy Saur (Bodden Corporate Services), Ian Comins (KPMG), Peter Yates (Paget-Brown Trust Company Ltd.), Debra Humphries (Cayman National Bank), and Sue Shelley (HSBC).
The association has three sub-committee’s that address its various roles and responsibilities.
The Policy sub-committee is now being led by Mr. Livingston. This body is responsible for dealing with the regulatory bodies and government agencies to ensure the interests of CICA and its membership are represented during consultation and decision making surrounding pertinent legal and regulatory developments.
The Training sub-committee led by Peter Yates and is responsible for providing effective cost-efficient and practical training for the membership.
Ian Comins is the new head of the Public Relations sub-committee, responsible for managing CICA presentations and conferences and maintaining relationships with other industry associations and relevant professional bodies.
Following his recent appointment as the association’s President, Mr. Livingston commented on the increasing role of CICA.
‘In light of the pending assessments by the Caribbean Financial Action Taskforce and the IMF in 2007, we have started to see, and will see more, legislative and regulatory policy initiatives presented for industry consultation. In the latter half of 2006, CIMA issued a tranche of Statements of Guidance and Policy to align with Basel II requirements on banking capital adequacy, as well as internal control requirements for all licensees,’
‘Government issued major amendments to three key licensing laws, namely the Mutual Funds, Insurance and Banks and Trust Company Laws, which largely reflected the product of industry working groups in those areas. More recently, the government has issued a draft Bill to revise the Proceeds of Criminal Conduct Law, the primary legislation for anti-money laundering in the Cayman Islands.
‘The Cayman Islands Compliance Association has been and will continue to be involved in the consultation processes for each of these important developments, as they have a direct bearing on the day-to-day role and responsibilities of our members’.
The CICA was formed in 2000 to give members the opportunity to discuss the required best practice relevant to their industries. It also provides members with information on the laws, regulations and industry practice of Compliance in the Cayman Islands to assist with the implementation and maintenance of effective compliance and anti-money laundering programmes.
To date the CICA has over 120 members from a cross-section of entities subject to anti-money laundering regulations including banks, insurance/trust/management companies, law firms, money service businesses, accounting firms and realtors.