Caribbean Bankers trained in AML and Correspondent Banking

Nineteen participants from nine Caribbean jurisdictions took part in a certified one-day training programme designed to improve their understanding of risk and compliance on Tuesday, 29 October 2019, in Philipsburg, Sint Maarten.

The registrants, including chief executive officers, chief financial officers, compliance heads, and senior executives, were enrolled in the Anti-Money Laundering for Correspondent Banking – Certificate Programme, enabled by the Florida International Bankers Association (FIBA), in partnership with the Caribbean Association of Banks (CAB) Inc.

The training initiative was the first manifestation of the recently-signed memorandum of understanding between CAB and FIBA, and formed part of the 46th annual CAB Conference. Financial services professionals from Antigua and Barbuda, the British Virgin Islands, Curaçao, Guyana, Jamaica, St Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, and Suriname were involved.

Correspondent banking and de-risking have been a major concern to the regional financial services sector for several years now, and CAB has been working diligently to galvanise a harmonised response.

This course, focusing on the practical applications of the regulatory requirements, with a particular emphasis on nested accounts, is one part of that response.