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GLOBAL ANTI-MONEY LAUNDERING AND SANCTIONS COMPLIANCE SURVEY
Like previous years, 2020 brought increasing regulatory enforcement, changing legislation, geopolitical changes, and record-setting monetary fines making adequate anti-money laundering and sanctions risk management a significant challenge for financial institutions globally.
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THE NEXT WAVE OF ANTI-MONEY LAUNDERING ENFORCEMENT GLOBALLY IS ON THE HORIZON
The financial-services industry has been disrupted and roiled by a perfect storm of forces. Complex regulatory-compliance requirements, aging legacy systems, dated operating models, digital innovation and fintech (financial technology) have rapidly changed the environment for many financial institutions worldwide.
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9THANNUAL ANTI-MONEY LAUNDERING/COUNTER-FINANCING OF TERRORISM VIRTUAL CONFERENCE PRESS RELEASE
The Jamaica Bankers Association (JBA) in collaboration with the Jamaica Institute of Financial Services (JIFS) will be hosting its 9th Annual Anti-Money Laundering(AML)/Counter-Financing of Terrorism (CFT) Conference under the theme, “Manoeuvring the Matrix: Playing the right C.A.R.D.S.(Collaboration*Adaptability*Risk Management*Discipline* Security)” on November 12-13, 2020. Due to the Covid-19 pandemic, this year’s staging of the conference will be virtual.
ECONOMIC TRANSFORMATION – MUTUAL FINANCIAL FIRMS IN JAMAICA: WHAT IS THE STRATEGY FOR SURVIVAL?
This article discusses the business models of two mutual firms in Jamaica with a view towards answering one critical question: What strategy should Jamaican mutual firms adopt to avert or reverse declining financial health? Observations span a period of nine years to obtain a long-term picture of financial performance. The firms examined are the Community & Workers of Jamaica Cooperative Credit Union Ltd. (C&WJ) and the Jamaica National Building Society (JNBS).
INTERNATIONALIZING A FINANCIAL FIRM IN SMALL DEVELOPING MARKETS -WILLIAM W. LAWRENCE
This study explored how the business model of a Jamaican financial firm evolved for regional expansion in the Caribbean. There is a paucity of research on firm internationalization in small markets. These markets constrain economies of scale and financial institutions often face more regulatory restrictions on foreign market entry than encountered by other firms.
DEVELOPING DYNAMIC CAPABILITIES FOR BANK TURNAROUND – WILLIAM W. LAWRENCE
This article explores the evolution of dynamic capabilities over the bank turnaround cycle from the perspective of the resource-based view of the firm. A longitudinal case study uncovered how National Commercial Bank Jamaica sensed threats, mobilized resources to seize the opportunity, and transformed for corporate turnaround.
DIGITITIS?
Is your company suffering? How can you treat it? Learn more and register for an upcoming seminar, Financial Services in a Digital World on March 5, 2019.
VISA BUSINESS NEWS: NEW ISSUANCE AND ACCEPTANCE REGULATIONS FOR THE LAC REGION EFFECTIVE OCTOBER 13, 2018
Sven Stumbauer recently authored an article about the top anti-money laundering and sanctions compliance challenges for financial institutions in 2018 and beyond I thought might be of interest to you. In the article, I discuss challenges as well as opportunities, given the current regulatory environment.
CHALLENGES FOR FINANCIAL INSTITUTIONS IN 2018
Sven Stumbauer recently authored an article about the top anti-money laundering and sanctions compliance challenges for financial institutions in 2018 and beyond I thought might be of interest to you. In the article, I discuss challenges as well as opportunities, given the current regulatory environment.
EXECUTIVE LEADERSHIP PRACTICES FOR THE NEW ERA OF FINANCIAL SERVICES
This publication summarizes the proceedings of Caribbean Executive Leadership Series 2012 held in Kingston, Jamaica at the Terra Nova All-Suite Hotel on February 8 & 9 and Strawberry Hill Hotel & Spa on February 10, 2012.
Caribbean Executive Leadership Series 2012 is a joint project of the Mona School of Business, UWI, Mona and The Jamaica Institute of Financial Services, Kingston, Jamaica W.I.
ANTI-MONEY-LAUNDERING COMPLIANCE RISES TO THE TOP—AGAIN
Recent headlines that related to both the Bank Secrecy Act of 1970 (BSA) and anti-money laundering (AML) reflect the view that regulators have increased their scrutiny of financial institutions’ boards of directors and senior management for failing to correct alleged compliance shortcomings. As a result, the issue of individual accountability for AML violations continues to gain traction.
THE RISK OF DE-RISKING
In recent years, U.S. authorities have increased their scrutiny of financial institutions’ anti-money laundering controls. In light of this development, banks and other institutions have begun to reassess perceived or actual AML risk across their operation. The notion of how institutions address risk is gaining traction again. In January, the Federal Deposit Insurance Corp. weighed in on the issue, stressing that instead of cutting ties with entire lines of businesses, financial institutions should take a measured approach to managing banking relationships.
JIFS COMPENSATION & EMPLOYEE BENEFITS AND DIRECTORS’ FEE SURVEYS
The Jamaica Institute of Financial Services (JIFS), as a part of its new mandate, conducted its second Compensation and Employee Benefits and Directors’ Fee surveys for 2015. These surveys are now available for purchase at a cost of $65,000+ GCT.
for further info please contact us.
DEVELOPING DYNAMIC CAPABILITIES FOR BANK TURNAROUND
This article explores the evolution of dynamic capabilities over the bank turnaround cycle from the perspective of the resource-based view of the firm. A longitudinal case study uncovered how National Commercial Bank Jamaica sensed threats, mobilized resources to seize the opportunity, and transformed for corporate turnaround.
HOW TO CULTIVATE LEARNING AGILITY
Organizations need leaders with learning agility in order to move ahead successfully in volatile times. But can you teach someone to be a more agile learner? We say yes and have identified the elements that will help someone increase learning agility. Explore our proven practices, and see how leading organizations are making it happen.
BOJ GUIDANCE NOTES
These Guidance Notes have been substantially revamped and updated to take account of the amendments to the to the AML/CFT laws in Jamaica, the passage of the United Nations Security Council Resolutions Implementation Act, the revised FATF 40 Recommendations and revised FATF Guidance on matter covered in the FATF Recommendations.
POST EVENT PRESS RELEASE
The 2019 JIFS/JBA Anti-Fraud Seminar: Managing Fraud in a Digitized World was a success!!!
“As e-fraud attempts and opportunities continue to increase, financial services institutions must remain aware of the various tools that exist to mitigate criminal efforts”, notes the JBA Vice President, Jerome Smalling at the 2019 JIFS JBA Anti-Fraud Seminar, held June 19th at the Terra Nova Hotel
Presenters at this year’s seminar exposed participants to the opportunities available via Machine learning, CCTV, Artificial Intelligence as methodologies available to digitally mitigate against fraud.