By: Michael Klein; Patrick Brendel |19 October, 2011
Compliance with national and international regulations in the fight against money laundering, financial crime and terrorism financing is an ever expanding field that constantly presents new challenges for compliance officers at Caribbean financial institutions, delegates at the 7th Global Compliance Solutions Anti-Money Laundering and White Collar Crime conference heard.
The event, held at the Marriott Beach Resort in Grand Cayman last week, presented numerous examples of this “never ending battle”. This year’s conference theme signifies compliance work will never truly be done in order to meet regulatory expectations, international scrutiny, evolving anti-money laundering and financial crimes, as well as the cost of trying to accomplish all that, said conference host Karen O’Brien of Global Compliance Solutions.
The three main cost drivers for regulatory compliance are transaction monitoring, the identification of politically exposed persons and sanctions compliance, she said.