Sixty (60) compliance officers spanning from the domestic and international banking sectors, insurance businesses, credit unions to money lenders and remitters are now more knowledgeable of their task in their respective fields, following a two day forum.
The Antigua-Barbuda Compliance Officers Forum which specifically targeted Compliance Officers were lectured on a range of subject matters relevant to the Compliance officer’s functions, including techniques to ensure effective suspicious activity reporting and resolving the compliance conflict.
Participants also gained valuable feedback from Regulators regarding regulatory and AML/CFT issues facing the financial sectors.
While delivering the feature address Prime Minister Gaston Browne focused on the important issues of Corresponding Banking and De-risking. He also reiterated his Government’s commitment to the continued fight against money laundering and the financing of terrorism (AML/CFT) and charged the participants to be vigilant.
Director of the Office of National Drug and Money Laundering Control Policy (ONDCP) Lt Edward Croft in his remarks recognized the increasing importance of the Compliance Officer’s functions especially in relation to money laundering and financing of terrorism (ML/FT) risks and vulnerabilities. He considered compliance officers as gate keepers to prevent financial institutions from being infected with the proceeds of crime.
As Antigua and Barbuda prepares for the 4th Round Mutual Evaluation by the Caribbean Financial Action Task Force (CFATF), Lt. Col. Edward Croft further reminded participants of the need for their continued cooperation in this process.
The forum was deemed as a success by the participants noting that it was of great benefit to their profession and proposed that the ONDCP increases public awareness of AML/CFT requirements.
The forum was done in association with the Office of National Drug and Money Laundering Control Policy (ONDCP) and the Royal Bank of Canada (RBC) at the Halcyon Cove by Rex Resorts on November 23rd, and 24th.