Author Archives ftswp_adm

Cayman Banks by the numbers

March 27, 2017
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The main sources of Cayman Banks

Of the 159 banks that existed at the end of 2016, Europe and South America represents the two largest regions from which Cayman Banks originate. Each region is responsible for roughly 22% of all Cayman Islands banks, with the USA coming in as the third largest source being 13% of all banks. The least influential source of Cayman banks is the Middle East, which represents 3% of all Cayman banks.

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‘CRS 101’ seminar aims to help firms prepare

March 22, 2017
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Paul Byles

Paul Byles, Director of FTS

As local financial services firms look to finalise their preparations for the OECD’s Common Reporting Standards (CRS), a seminar aims to help them to be ready for the country’s latest financial services initiative.

Local consulting firm FTS is organizing a seminar on April 11th entitled ‘CRS 101’ which will feature speakers on topics such as the essentials of CRS, differences between CRS and FATCA and a hands on case study on how to prepare for the key elements of the new information exchange regime.

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Bridging the Gap: 3 traits of a good Compliance Officer

March 22, 2017
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It may not be the most glamorous, but serving as a Compliance officer in your firm has its benefits. Its certainly one of the most important jobs in your firm, regardless of daily observations (‘you guys are not even revenue generating’) that may suggest otherwise.

But what does it take to bridge that gap between being just another staff member and being an effective Compliance Officer? Here are a few ideas:

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CRS 101

March 22, 2017
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In this half day seminar topics include: the essentials of the Common Reporting Standard from the Director of the DITC, dealing with the differences between CRS and FATCA in your procedures and a hands on case study on how to prepare for the key elements of CRS.

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FATCA and CRS Survey

March 17, 2017
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Local consulting firm FTS has launched a survey to capture the level of awareness and training on two recent financial services initiatives, FATCA and CRS.

“These two initiatives are considered fairly recent and it would be useful to understand the general level of awareness and training to date. That type of information, particularly when broken down by industry, positions, number of years experience, etc. can help to inform others in the industry responsible for training, but it’s also a great way to measure the general compliance culture with respect to these issues”, said Mr. Paul Byles, Director of FTS.

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Are your AML procedures keeping up with your company’s growth?

March 17, 2017
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In its latest supervisory issues circular (#3), CIMA noted that some licensees did not adequately update their policies and procedures manuals to take into account changes to legislation and regulations.

Carrying out periodically reviews of your existing procedures against the most up to date regulatory requirements and with an updated risk assessment of your business is key to effective risk management and passing your next onsite inspection.

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  • Economic Impact Studies – Assessing the economic impact of major projects and presenting the results to key stakeholder such as the Government.
  • Business plan research and development
  • Business Strategy (Financial performance, operational trouble shooting)
  • Public Affairs consulting  – Assistance navigating public sector process and assistance with negotiations

Slide

March 16, 2017
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