Caribbean Times 49th Issue - Tuesday 12th July 2016

6 c a r i b b e a n t i m e s . a g
Tuesday 12th July 2016
KAW’s 8 th annual AML/CFT conference opens
By Joanna Paris
The Sandals Grande Antigua Resort
and Spa is once again the venue
of the high level two-day event- the
8 th annual Anti-fraud and financial crimes
conference.
The forum has attracted participants
from around the world, all eager to enhance
their knowledge in combating financial
crimes.
The conference is organized by KAW
Management Services Limited under the
leadership of Managing Director and
Owner, Kem Warner.
Warner welcomed all of the participants
and thanked them for the interest
expressed in the critical subject area. He
added that the organization is committed
to hosting the conference annually despite
the challenges encountered yearly.
He urged the participants to use the
conference o advocate for regional integration
in fighting financial crimes.
“While our primary focus over the
next couple of days is on ensuring our
jurisdictions are not abused by money
launderers, terrorist financiers and persons
and organizations engaged in other
financial crimes, we must also use this
training medium wisely and use the opportunity
to lobby for regional integration
in the fight against financial crimes and
the safety and soundness of our institutions
and our jurisdictions” said Warner.
He also used the platform to advocate
for the reformation of the supervisory
framework.
“There is an increased call to reform
our Supervisory Framework. There
ought to be an ongoing thrust within the
region for institutions to be regulated and
supervised from a risk based perspective
and not a prescriptive one.
“No two companies can be the same
as no two companies should be regulated
and supervised the same.
“We cannot utilize a one size fit all
approach to regulation nor can we single
handily implement a model from a large
country into our jurisdictions without tailoring
or modelling it to the risk inherit in
the particular jurisdiction”, he outlined.
The need for unity among key financial
regulatory companies in the Caribbean
was highlighted.
“There is also the need for unity
among institutions and regulatory agencies
in the Caribbean.
“Regulated Agencies like Casinos,
Money Services Businesses, Real Estate
companies, Offshore Gaming Companies
just to name a few, in some Jurisdictions
have difficulties getting and maintaining
Bank Accounts”.
Also addressing the opening ceremony
was the Director of the Office of
National Drug Control Policy (ONDCP),
Lieutenant Colonel Edward Croft, who
commended Warner and his team for organizing
and hosting the annual exercise.
“Let me first offer congratulations to
Mr. Kem Warner & KAW management
on the continuous training opportunities
being offered in the AML/CFT areas
and for the hosting of this 8 th Annual
Conference addressing issues of AML/
CFT, Anti-Fraud and Financial Crimes.
“It is important that the private sector
also provides training opportunities for
raising the awareness of the requirements
of the AML/CFT framework to mitigate
risks associated with conducting business
and trade”, he said.
With reference to the objectives of the
forum, he emphasized the need for compliance
officers to play a more active role
in in the regulatory framework.
“A Compliance Officer should be reviewing
applications for the opening of
accounts. Management should be giving
careful consideration to recommendations
that accounts not be opened or that
they be closed.
“A Compliance Officer who has a
sound basis for making such recommendations
but fails to do so, is criminally
liable. Likewise, an all knowing board of
directors or management who belittles a
Compliance Officer’s competent recommendation
may be corporately and each
member personally liable for ML or FT
that flows from ignoring such advice”,
were the words that he expressed.
Comptroller of Customs, Raju Baddu,
also addressed the opening proceedings.
Among the topics which will be
covered during the sessions are: HSBC
Whistle Blower on Terrorism Financing
– Too Big to Jail, De-Risking/De-Banking
– Myth or Reality Facing Caribbean
Financial Institutions and Compliance
for Intelligence.