As summer rolled around and the COVID-19 pandemic continued to escalate across the globe, the ACAMS Barbados Chapter kept its regional members informed on topical anti-money laundering/counter-terrorist financing (AML/CTF) matters through its summer series of virtual events. During the third quarter, approximately 250 AML/CTF professionals attended the three virtual events.
In July 2020, the chapter hosted a one-hour event titled “Is There a PEP in Your Step?”, where subject-matter experts explored the regional challenges faced by financial institutions (FIs) when identifying politically exposed persons (PEPs) in small communities. They also gave practical advice and best practices for meeting regulatory obligations.
On August 27, 2020, featured experts led a discussion on the FI obligation of conducting effective due diligence to keep abreast of freezing orders, which is not an easy task. A session titled, “Freeze! Not a Man Move,” explored the practical perspective of what an FI in the Caribbean should do when a client is sanctioned and is subject to a freezing order.
In September, the chapter’s final virtual event of its summer series was “UBOs vs UFOs,” which focused on beneficial ownership identification and verification. The lively discussion explored scandals such as the Panama Papers and peeled back the complex legal structures designed to conceal ultimate beneficial ownership.
The ACAMS Barbados Chapter greatly appreciates the time and effort of all participants in sharing knowledge with the AML/CTF community in the region, supporting the events and making the very fruitful exchange possible. Last but not least, a big thanks to the following speakers:
- Cyralene Benskin-Murray, CAMS, general counsel, Financial Services Commission
- Deidre Marquez-Padmore, CAMS, manager, corporate services, PwC
- Abena Agard, CAMS, senior analyst, securities (Ag), Financial Services Commission
- Candice Huggins, chief compliance officer, CIBC FirstCaribbean International Bank
- Beverly Best, CAMS, compliance manager, J&T Bank and Trust Inc.
- Nigel Pierre, compliance architect, Sagicor Financial Corporation
As a result of the feedback provided in post-event and membership surveys, additional events are in the planning stages for the remainder of 2020 as well as 2021, including educational and social/networking events.
The chapter is looking forward to an exciting 2021 of augmenting the proficiency of ACAMS Barbados Chapter members and Caribbean professionals, as well as raising the profile of ACAMS regionally!
Abena Agard, senior analyst, securities (ag), Financial Services Commission; director, communications, ACAMS Barbados Chapter