In fulfilment of its strategic imperative to deepen collaboration with key stakeholders in the regional financial services sector, the CAB has accepted an invitation from the ECCB to become a member of the Eastern Caribbean Payments Council (ECPC). The role of the ECPC is to ensure a safe, efficient and effective functioning payments system in the ECCU. Bulletin – Communication on ECCB payments council…
Advocacy Strikes Again! CAB’s Latest Contribution
The CAB has been pushing the regional financial sector’s agenda on many fronts including the U.S. legislative fora. Last week the Caribbean Central American Action (CCAA reached out to the CAB to get a better understanding of the current climate surrounding the loss of correspondent banking relationships in the region. The CCAA presented the findings…Click for More…
Prime Minister Ralph Gonsalves assumes Chairmanship of the OECS
Prime Minister of Saint Lucia, Mr. Allen Chastanet has handed the Chairmanship of the OECS to the Prime Minister of Saint Vincent and the Grenadines, Dr. Ralph Gonsalves. A summary of Mr. Chastanet’s achievements during his chairmanship can be found in the link below. Dr. Gonsalves will assume the chairmanship for one (1) year. Read more HERE…
Scotiabank makes big digital upgrades to ATM services
Scotiabank will be introducing Intelligent Deposit Machines “IDMs” in the coming months which will allow its customers to make “no-envelope” deposits at ATMs. Customers will now be able to put cash and cheques into and the machines. They will be presented with a picture of the motes deposited and upon confirmation will receive immediate credit for their deposit. Scotiabank expects that not only will the new IDMs increase the ease of deposits for customer, it will also reduce “empty- envelope”…
Bahamas to launch a pilot digital currency project
The Bahamian Minister of Finance, Mr. Peter Turnquest and revealed his commitment to launch of a pilot digital currency project in Bahamas. He highlighted the recent downsizing of commercial banks as they pull out of smaller communities and need for a convenient and cost-effective method of payments. He also indicated his intention to explore the application of blockchain technology to improve efficiency in various government services as his government aims to make The Bahamas the “digital paradise of the region”.…
Jamaican Parliament Adopts Report on CARICOM
The Jamaican Parliament has adopted the “Report of the Commission to Review Jamaica’s Relations within the CARICOM and CARIFORUM Frameworks”. The report analyzes Jamaica’s position in CARICOM and the impact on its economy. It’s also proposes solutions to the structural and organizational deficiencies in the CARICOM. Report recommends that CARICOM member states provide a definitive and time-bound commitment to complete all requirements for the Caribbean Single Market and Economy (CSME) within five (5) years. According to the report, the absence…
The IMF analyzes cyber risk as a key emerging threat for Financial Institutions
The IMF has published a paper on cyber risks for the financial sector which analyzes cyber incidents and identifies patterns using various datasets. The DTCC Risk Barometer identifies Cyber Risk as the top overall risk to financial institutions by a growing margin and the paper attempts to provide a framework for assessing cyber risks. Read More: DTCC Risk Analysis, IMF Paper on Cyber-Security…
CEO Forum Update
What is the latest? The CAB concluded its third CEOs Forum on 2nd June, 2018 in Miami, Florida. The Forum brought together Banking and Fintech CEOs, Directors, Compliance Professionals, Technical Service Providers, Representatives from Regional and International Bodies and banking industry professionals to discuss the opportunities and threats within the Region’s financial services sector. Some key points arising from the discussions were: The perception of the Region as being ‘high risk’, is having a negative impact on the financial services…
The Caribbean Association of Banks Facilitates Regional Financial Collaboration at the 2018 CEOs Forum
The Caribbean Association of Banks (CAB) concluded its third CEOs Forum on 2nd June, 2018 in Miami, Florida. The Forum brought together Banking and Fintech CEOs, Directors, Compliance Professionals, Technical Service Providers, Representatives from Regional and International Bodies and banking industry professionals to discuss the opportunities and threats within the Region’s financial services sector. See details Here: CEOs Forum – Press Release 2018 P3 (004)…
Bahamas move to address Preferential Tax regimes sparks debate as Cayman to face mounting pressure on beneficial ownership registry.
The Government of the Bahamas has unveiled the Multinational Entities Financial Reporting Bill 2018 to address the EUs tax concerns and facilitate removal from the EUs Blacklist. The bill provides a structure in which the government may introduce taxation of a wide range of financial services products. In doing so the bill amends/ repeals many other financial services laws related to corporate taxation of International Business Companies (IBCs), Executive Entities, Exempted Limited Partnerships and Investment Condominiums. “The Multinational Entities Financial…