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Preparing for an onsite inspection from CIMA
August 25 @ 8:30 am - 12:00 pmCI$350
This half day seminar is for CEOs, Directors and Compliance professionals, designed to help with preparing and undergoing an onsite inspection by the financial services regulator, the Cayman Islands Monetary Authority.
Role of Senior Managers and Board members during an inspection
Role of the Compliance Officers during an inspection
How to prepare for the inspection
Typical documentation requests and how to prepare for them
Having an effective opening meeting with CIMA
Key do’s and don’ts during the inspection
The write up period
Draft Findings meeting and report
The Closing meeting
Developing your Implementation Plan
The seminar will feature regulatory experts from the industry as well as presenters from CIMA and a Q&A panel.
Date: 25 August 2021, 8.30am to 12pm
Registration Fees: KYD $350 / USD $420
8:30am – Registration
9:00am – 9:05 – Welcome Remarks
9:05am – 9:35am – Key trends & findings from Onsite Inspections, (Suzanne Sadlier, Head of Onsite Inspections Unit, CIMA)
9:35am – 10:05am – Effective Preparation for your onsite inspection (Paul Byles, Director FTS)
10:05am – 10:20 – COFFEE BREAK
10:20am – 10:45 – Managing your legal risks before, during and after the inspection (Lucy Frew, Partner, Walkers)
10:45am – 11:15 – AML/CFT Inspections Overview, (Reginald Borneo, AML Division, CIMA)
11:20am – 12:00 – Q&A Panel; Discussion featuring all Speakers
12:00pm – Wrap up and closing
Reginald Borneo, Chief Analyst, AML/CFT Division, CIMA
Reginald Borneo began his employment with CIMA in November 2017 as Chief Analyst in the Onsite Inspection Unit. In 2020, Mr. Borneo transferred to the AML/CFT Division as a Chief Analyst.Mr. Borneo completed a double major in a Bachelor of Arts Degree in Psychology and Spanish with honours, from the University of Guelph located in his hometown of Guelph ON, Canada.
He began his career in the financial sector in 1995 where he worked for RBC Royal Bank Financial Group (RBC). Mr. Borneo worked his way through the ranks at RBC up to the position of Senior Manager of the Financial Intelligence Unit, in Toronto. Following a 13-year career at RBC, he took up the position as Compliance and Training Officer at MoneyGram International Canada. He then moved on to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Regional Compliance Officer for six (6) years prior to moving to the Cayman Islands.
In addition to his qualification as a Certified Anti-Money Laundering Specialist (CAMS) and a Certified Global Sanctions Specialist (CGSS), Mr. Borneo also brings over 19 years of Anti-Money Laundering/Counter Financing of Terrorism/ Counter Proliferation Financing (AML/CFT/CPF) and Sanctions experience to the jurisdiction.
Paul Byles, Director, FTS
Paul Byles is Director of FTS, which provides regulatory and management consulting services. He is an experienced economist and finance professional having worked in the financial services industry for 25 years. He is a former head of regulatory and economic consulting services of a big four consulting firm. He is a former Head of Policy at the Cayman Islands Monetary Authority where he drafted the original Guidance Notes on Prevention and detection of Money laundering for the Cayman Islands and many formal regulatory policies and guidelines issued by CIMA for the financial services industry.
He is author of the book ‘Inside Offshore’ which focuses on the reputation of the Cayman Islands as a financial services jurisdiction and author of ‘Offshore Financial Services: a BVI text’, published in 2014. He serves as an independent director on a number of financial services and local operating firms. He holds a Masters Degree in economic development from the London School of Economics, and a Master Degree in Economics from Birkbeck College in the UK..
Lucy Frew, Partner, Walkers Global
Lucy Frew is a partner based in Walkers’ Cayman Islands office and heads the Global Regulatory & Risk Advisory Group. She joined in 2016 and brings more than 18 years’ experience as a specialist financial regulatory and risk management advisory lawyer. As well as having advised financial institutions in private practice in international law firms in London since 2001 (prior to which she practised as a barrister) Lucy also has in-house experience as legal counsel at UBS and in the Enforcement Division at the Financial Conduct Authority in the United Kingdom. Lucy was case lawyer on a number of UK Financial Conduct Authority Enforcement investigations including into a global bank and its senior management, investment funds and broker dealers in relation to financial crime and systems and controls failings.
Lucy and her team assist clients with all aspects of inspection preparation, remediation and compliance programmes in areas. They also advise on risk management, including helping financial sector to identify areas of risk or sensitivity, performing regulatory audits and mock inspections, with practical recommendations for improvement and help with implementation; providing training; minimising and mitigating litigation risk; insurance coverage; and public relations issues.
Lucy’s clients are financial institutions across the international and domestic spectrum, including a range of banks, investment funds, administrators, investment managers, advisers, broker-dealers, arrangers, trading venues and insurance and reinsurance sector clients. She also has significant experience in advising on FinTech and virtual assets.
Suzanne Sadlier, Head of the On-site Inspection Unit, CIMA
Ms. Suzanne Sadlier was appointed as Head of the Onsite Inspection Unit of the Cayman Islands Monetary Authority as of 1 March 2021. This confirmation was subsequent to her role as Deputy Head of the Insurance Supervision Division from June 2017 until March 2021 and as the Authority’s Reinsurance Specialist, a post which she held for two years.
Ms. Sadlier holds over 14 years of knowledge and experience in the financial services industry, in particular in the insurance and reinsurance industry, originally from reinsurance underwriting positions with Allianz, AXA Insurance, and Mitsui Sumitomo Group followed by over 9 years of regulatory experience between the Central Bank of Ireland and the Authority.
In her recent capacity as Deputy Head of the Insurance Supervision Division, she was responsible for managing the day to day operations and providing recommendations in relation to (re)insurance laws and regulations. In addition, Ms. Sadlier has led and/or assisted with a number of key technical projects including the design and implementation of the Authority’s internal capital model framework and the Authority’s risk-based approach to supervision. She has also served as a member of the International Association of Insurance Supervisors (IAIS) Reinsurance Task Force on behalf of the Authority.
Ms. Sadlier holds a Bachelor of Arts Degree in International Insurance from the University of Limerick, Ireland, and is a Chartered Insurer (ACII) as awarded by the Chartered Insurance Institute, UK. She is also an AIR Certified Catastrophe Modeler (CCM) as awarded by the AIR Institute, Boston. Ms. Sadlier is also currently a faculty member of the International Center for Captive Insurance Education (ICCIE).