International and local AML industry experts participate at Risk Management Seminar for Directors

Over 50 delegates joined industry experts at the FTS AML Seminar for Directors where they participated in an interactive half-day seminar. Local consulting firm, FTS, specifically designed the seminar for directors, aimed at delegates in non-executive director and director roles within risk management seeking to learn more about their roles in terms of AML and meet their annual AML compliance requirements. Local and international experts joined to share insight from a global perspective. Representatives from the UK’s Non-Executive Directors Association and Cayman Islands Monetary Authority led presentations on essential risk management regulations.

Rohan Bromfield, Head of Fiduciary Services Division, CIMA, set the tone for the event by delving into local regulations. His presentation provided value specifically on CIMA’s Regulatory framework for Directors.

International guest speaker, Louis Cooper, CEO, NEDA, shared perspectives on a Directors role, importance of a high performing board and NED’s. “Business risk arises as much from the possibility that opportunities will not be realised as it does from the possibility that threats will materialise or that errors will be made,” shared Louis.

Paul Byles, Director, FTS concluded the presentations segment by discussing the AML Board Oversight Framework: Understanding a NED’s role in a typical AML policy framework. “Regulators expect directors to set the tone at the top for AML/CFT and sanctions compliance culture to flow throughout their organizations,” he said.

The seminar provided an opportunity to engage with industry experts during the Q&A panel discussion, followed by an online test to determine attendees’ understanding of the content presented.

This seminar is one of a series delivered by FTS. “FTS hosts seminars such as this to help promote development within Cayman’s financial sectors, where industry experts provide first-hand information which is invaluable to seminar attendees,” Mr Byles added.