Regulators to assess turmoil

(CNS): As world financial markets rebound from the last week’s unprecedented lows how it happened will be one of the issues that experts will look at during tomorrow’s regulatory seminar at the Ritz Carlton. “The world financial turmoil will certainly be a backdrop of some of the key regulatory issues to be discussed and will help to illustrate some of the issues”, said Tim Ridley former Chairman of the Cayman Islands Monetary Authority.

Ridley is one of a number of expert presenters which includes Ross Delston, former US Federal Regulator and Co-Chair of the American Bar Association’s International Anti-Money Laundering Committee and consultant and organiser Paul Byles.

 Ridley’s presentation is expected to offer insight into what institutions can expect and should not expect in their dealings with the Cayman Islands Monetary Authority. “There are definitely a few things that industry should avoid doing in its interaction with CIMA and we hope to highlight some of these common mistakes”, added Ridley.

Ross Delston, former US banking examiner will also be using the current financial markets turmoil in his hands-on presentation on how local financial institutions should prepare for an onsite inspection from CIMA.  Delston, who is a recognised anti-money laundering expert, has carried reviews for several offshore financial centres will take participants through each stage of an inspection and also deal with post inspection issues.

 “I think that Mr Ridley’s experience will bring very valuable insights for the seminar participants in terms of an organisation’s can best maximise its relationship with CIMA. From what I have seen of his presentation, it will certainly be hard hitting and candid in some areas and I believe this will be refreshing for the participants and will help them to better understand what makes CIMA tick”, said Byles.

 The event will not only be valuable to compliance professionals and internal auditors, but also has direct relevance to senior management. The seminar is being held on Wednesday 15 October at the Ritz Carlton. Participants are encouraged to register at 623 6712 or seminars@fts.ky .