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Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

KPMG becomes first local CPA Canada pre-approved employer

Chartered Professional Accountants of Canada (CPA Canada) has approved KPMG in the Cayman Islands to be the first employer on the island to offer a pre-approved training program, the accounting firm said in a press release.

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  • Carrying on the Chamber’s mission
    The Cayman Islands Chamber of Commerce has a new face at its helm as of last month, with Paul Byles replacing Kyle Broadhurst as the organization’s president. However, not much will change under the new president’s leadership, Byles told the Journal last month.
  • Social media disruption hits traditional media and tech platforms
    As the sharing of false or misleading “news reports” on social media has become a global issue, after accusations that Russia tried to influence votes in the United States, Britain and France, technology companies like Facebook and Twitter have been hit with considerable criticism about their impact on society and on the journalism industry.
  • Digital wallet initiative seeks to reform identity management
    Despite Cayman’s reputation for fast-and-easy banking, residents of the islands know the headache that can come with opening a personal bank account. One appointment can turn into several, as would-be clients track down the necessary paperwork and await the weeks-long approval process.
  • Overseas companies to reveal true owners on new UK property register
    The British government announced a new public register that from 2021 will require overseas companies that own or buy property in the U.K. to identify their beneficial owners to tackle money laundering through property transactions.
  • Financial market and macroeconomic impact of recent US tax legislation
    In matters of government policy, it is often difficult to take a dispassionate view. Some would say the modern discourse is so polarized, the strictly rational, factual view is drowned out. In this brief overview, we are going to attempt to lay out a few of the potential implications of the recently passed U.S. tax […]
  • Reinforcement learning the winner in latest AI exploits
    Twenty years after a computer, IBM’s Deep Blue, beat a reigning chess world champion, Garry Kasparov, for the first time, machines have made another extraordinary breakthrough.
  • Bahamas trying to attract more foreign investors
    Government officials in the Bahamas are attempting to stay abreast in the competition for attracting international investors and businesses. The island nation recently passed the Commercial Enterprises Bill, which makes it easier for foreign companies to land there and obtain permits for non-Bahamian workers.
  • EU tax list implications represent a gray area
    On Dec. 5, the EU Council agreed, after long debate, haggling and horse trading, on a blacklist of 17 countries that the European finance ministers consider uncooperative in tax matters. They also voted on a commitment list of 47 countries that would be deemed uncooperative, according to the EU’s own criteria, had they not agreed […]
  • Telemedicine: Exploring the future of healthcare
    Dr. Stephen Klasko said he is optimistic that within the next 10 years, the healthcare industry will be radically transformed. Technology will be the primary driving force behind that transformation, according to Dr. Klasko and others who spoke at the 25th annual Cayman Captive Forum.
  • Cayman’s new anti-money laundering regulations
    New anti-money laundering regulations have been adopted in the Cayman Islands which, from May 31, 2018, will apply to unregulated investment entities as well as regulated funds and more traditional financial services providers.

CAYMAN FINANCIAL REVIEW

Appreciating the remaining risks of bankruptcy strip-off of home mortgages

Investments in mortgage-backed debts carry reduced risk in light of the special protections afforded to collateralized claims. Second-lien investing, however, is subject to enhanced risk due to the greater likelihood of collateral value insufficiency.

Financial internships and the Foreign Corrupt Practices Act

American regulators have recently been scrutinizing financial institutions’ internship programs for potential violations of the Foreign Corrupt Practices Act.1 The United States Securities and Exchange Commission recently announced its first internship-related FCPA settlement with Bank of New York Mellon Corp.

Caribbean grapples with problem of bank de-risking

One potential mechanism to improve their AML systems is through the Inter-American Development Bank’s technical cooperation RG-T2224. It provides a grant to support member countries in their efforts to prevent money laundering and terrorist financing, in compliance with the new FATF standards.

Oil price instability and policy uncertainty in an OPEC world

The number of oil rigs in the United States quickly fell by more than 50 percent. The magnitude and speed of the collapse was rivaled only by the 1986 OPEC shock and the 2008 financial crisis.

Read more from the Cayman Financial Review

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