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CICA elects new Executive Committee

Cayman Islands, May 26, 2016 – At its recent well attended Annual General Meeting, the Cayman Islands Compliance Association (“CICA”) elected its Executive Committee for the forthcoming year.

Sandra Edun-Watler was re-elected President. Judith Watler was elected as Vice President with Ian Patrick and Robin Jarvis being re-elected as Secretary and Treasurer respectively.

In addition, the following were also elected to serve as members of the Executive Committee:

Angela Nightingale

Ben Tonner

Ger Finnegan

Gwen Pineau

Karen O’Brien

Nanalie Cover

Padraig Hoare

Peter McKiernan

Reina Ebanks

Sean Harrington

Tim Dawson

Wiekert Weber

At the meeting, the President, Sandra Edun-Watler thanked the Executive Committee members for their hard work and involvement during a very busy year for CICA. CICA has been actively involved in the National Risk Assessment being conducted by the Government’s Anti Money Laundering Unit including working groups hosted by the CFATF, the World Bank and the Government. With an upcoming CFATF review next year CICA will continue to proactively assist as much as possible. She looked forward to having new members join the Executive Committee, taking the total up to 16 from 14 in the previous year given all the initiatives CICA will be involved in during the coming year.

The President also noted that the Cayman Islands won the bid to host the 2017 Caribbean Regional Compliance Association Conference which will be held towards the latter part of the year.

About the Cayman Islands Compliance Association
CICA has been in existence since October 2000 as a not for profit organization and has grown to over 100 corporate members. Member firms represent the full spectrum of Cayman Islands financial service providers and include banks, trust companies, law firms, accountancy firms, company managers, fund administrators, captive insurance managers, real estate agents and compliance consultants.

Contact : www.cica.ky

CICA Present speaks at CIIPA seminar

CICA President addressed the Cayman Islands Institute of Professional Accountants (CIIPA) at their recent seminar where she spoke about the updates to the Cayman AML regime, the National Risk Assessment, the FATF 40 Recommendations and the impact on Cayman. CIIPA was formerly the Cayman Islands Society of Professional Accountants (CISPA). The recent change has now made the Institute a self- regulatory organization, which reflects the regulatory and educational roles the organisation plays in furthering the accounting profession and protecting the reputation of the jurisdiction.

Cayman Islands Compliance Association elects new Executive Committee

Cayman Islands, June 11, 2015 – At its recent well attended Annual General Meeting, the Cayman Islands Compliance Association (“CICA”) elected its Executive Committee for the forthcoming year.

Sandra Edun-Watler was re-elected President. Ben Tonner, Ian Patrick and Robin Jarvis were re-elected as Vice President, Secretary and Treasurer respectively. The following were also elected to serve as members of the Executive Committee:

Nanalie Cover

Ger Finnegan

Padraig Hoare

Peter McKiernan

Angela Nightingale

Karen O’Brien

Stephanie Scott

Kate Taft

Judith Watler

Wiekert Weber

“CICA encompasses members which represent the many diverse aspects of the financial services industry compliance regime and other regulatory functions.  It is a welcomed addition to have an Executive that reflects this range.  As the Cayman Islands is in the midst of a National Risk Assessment it is vital that we have a high level of interest and participation in the Association ” said Edun Watler.

About the Cayman Islands Compliance Association

CICA has been in existence since October 2000 as a not for profit organization and has grown to over 120 corporate members. Member firms represent the full spectrum of Cayman Islands financial service providers and include banks, trust companies, law firms, accountancy firms, company managers, fund administrators, captive insurance managers, real estate agents and compliance consultants.

Contact : www.cica.ky

Cayman Finance promotes National Risk Assessment

Cayman Finance promotes importance of National Risk Assessment Surveys

Cayman Finance recently hosted a free informational seminar to the public regarding the Cayman Islands Government’s Money Laundering/Terrorist Financing National Risk Assessment Surveys that are currently underway.

Mr Jude Scott, Cayman Finance Chief Executive Officer, said that facilitating events such as these are important as they enable the whole industry to work together to make a difference. “We were fortunate to have Mr Francis Arana, Head of the Anti-Money Laundering Unit, Attorney General’s Chambers join us to lead the question and answer session,” Mr Scott said. “The results of these surveys are very important to the future of the Cayman Islands financial services industry, so Cayman Finance wanted to provide an opportunity for individuals to gain a better understanding of the process, while having the chance to have their questions answered.”

Mr Arana said he was keen to participate and appreciated Cayman Finance extending the invitation to be a speaker. “These surveys are the first step in a much wider assessment of the Cayman Islands by the FATF, therefore, as a jurisdiction, it is vital that we get as many accurately completed surveys as possible,” Mr Arana said. “The seminar was an ideal platform allowing me to explain the surveys’ intricacies in more detail.”

Mrs Sandra Edun-Watler, President of the Cayman Islands Compliance Association, was one of many industry association representatives present. “Cayman Finance did an excellent job with the seminar as the Q&A format allowed attendees to have their questions answered,” Mrs Watler said. “I felt the message got across to those who may not have had an appreciation or previously known the importance of properly preparing for the assessment, the tremendous collaborative work involved, and the reasons behind why this survey is being undertaken.”

Based on feedback provided at the seminar, Mr Arana confirmed they are now extending the survey deadline to Friday, April 24 2015 in order to facilitate greater participation, particularly the securities industry.

Mr Scott stated, “We were pleased to hear the survey deadline had been extended. This is a great example of Cayman Finance facilitating meaningful dialogue between industry and government to achieve a mutually beneficial outcome and we plan to continue to offer these opportunities to the industry.”

For more information about Cayman Finance or about the survey, visit www.caymanfinance.ky

Seminar to be followed by AGM

The Executive Committee of the Cayman Islands Compliance Association is pleased to invite you to a full day seminar to be held on Wednesday 19th March, 2014 at the Westin Hotel, Governors Ballroom. Attendance costs will be CI$150 per person for a member and CI$200 for a non-member. Online payments can be made to the CICA account at Butterfield Bank: CI$ a/c #02101034237 or US$ a/c #01201034237. Cheques should be made payable to C.I.C.A. and sent to Robin Jarvis, Butterfield Bank, P O Box 705, Grand Cayman KY1-1107. Please send your registration request to Robin Jarvis who can be contacted at Robin.Jarvis@Butterfieldgroup.com. Please see the agenda below:

AGENDA

  • Registration and Continental Breakfast 8:00 a.m. – 8:45 a.m.
  • Welcome and Overview 8:45 a.m. – 9:00 a.m. Martin Livingston, President of CICA
  • Corporate Governance/Directors presentation and Q & A 9:30 a.m. – 10:30 a.m. Jennifer Collins and Jennifer Parsons (Ogier)
  • Coffee break 10.30 a.m. – 10.45 a.m.
  • Practical Implications of US FATCA and UK equivalent 10:45 a.m. – 11:30 a.m. David Conen and/or Helen Dombowsky TBC
  • Tax Information Authority Update on the “Common Reporting System” and “AEOI” frameworks 11:30 a.m. – 12:15 p.m. Duncan Nicol (Director, Tax Information Authority) or Michelle Bahadur
  • Lunch 12:15 p.m. – 1:45p.m.
  • The Cayman Islands AML National Risk Assessment 2:30 p.m. – 3:15 p.m. Speaker TBC
  • Coffee break 3.15 p.m. – 3.30 p.m.
  • Interactive session and case analysis with CIMA, FRA and FCU 3:30 p.m. – 4:45 p.m. R J Berry (Head of Compliance, CIMA), Lindsay Cacho (Managing Director, FRA) and Detective Reuben Foster (FCU). Moderator: Martin Livingston
  • Closing remarks 4:45 p.m.– 5:00 p.m. Martin Livingston
  • CICA AGM 5:00 p.m. – 5:30 p.m.
  • Cocktails 5:30 p.m. – 7:00 p.m.