Category: News

CAB Advisory on Bank Fees

The Caribbean Association of Banks (CAB) has noted the recent press activities in relation to bank fees. Therefore in keeping with its mandate of advocacy on behalf of its constituents, would like to advise as follows. The issue of banking fees is not unique to Jamaica or any one country in the region; in fact the ECCB (Eastern Caribbean Central bank) also has a code of banking practice which among other things speaks to the proper disclosure of banking fees…

CAB Collaborates with FIBA & FIU to Repeat Popular AML Training in Trinidad

Contact: Chris Girard Phone Number: 1-758-4522877 Caribbean Association of Banks collaborates with FIBA and FIU to bring finance professionals together, once again, and provide them with training and certification in Anti Money Laundering (AML) and Risk. The training, which took place in March 2014, was broken down into two popular workshops with one day for the AML/CFT Risk Assessment and two days for the AMLCA certification The workshops attracted Risk, Compliance, Audit and Regulatory professionals from government, banking and other…

Streamlined banking piloted in the Caribbean: Caribbean Association of Banks (CAB) collaborates with the UK’s Alexander Bain

The Caribbean Association of Banks (CAB) is collaborating with UK-headquartered Alexander Bain to pilot ‘Streamlined’, a new internet-based secure financial intermediation platform to improve accessibility to loans for businesses regionally. Through Alexander Bain, a pioneering management consultancy with presence in the UK and the Caribbean, users will access an electronic network of banking associates across the Caribbean. Streamlined will facilitate prospective borrowers to electronically apply to a network of multiple commercial banks across the Caribbean. Banks will receive a copy…

CAB Conference Provides The Right Forum To Plan For Success In A Changing Economic Environment

St. Lucia, Fri. Nov. 21, 2014: The Caribbean Association of Banks (CAB) successfully completed its 41st Conference and Annual General Meeting held in Grenada from 12-15th November. As a primary objective, CAB provides a forum that enables members to solve their common challenges through understanding, education and co-operation. The conference, held under the theme – “The Changing Face of Caribbean Banking”, was officially opened by Her Excellency Dame Cecile La Grenade, Governor General of Grenada. Feature speaker and industry veteran…

The Caribbean Association of Banks Announces Its New Board of Directors for 2014 – 2015

St. Lucia, Mon. Dec. 1, 2014: The Caribbean Association of Banks (CAB) successfully held its AGM during the 41st Conference in Grenada from 12-15th November. Arising from the election of some director positions, the CAB is pleased to announce its new Board of Directors for 2014 which began its term from 12th November, 2014. The Board makes policy decisions and oversees the CAB’s operations. The CAB is a community of banks and other financial institutions in the Caribbean Region, which…

The Caribbean Association of Banks Urges Regional Governments to Sign IGA’s With the USA

St. Lucia, Fri. Dec. 12, 2014: With regards to the US Foreign Account Tax Compliance Act (FATCA); the Caribbean Association of Banks (CAB) strongly urges governments in the region, who have not yet completed the process towards a signed Intergovernmental Agreement (IGA) with the USA to do so speedily before 31st December, 2014. FATCA was enacted by the USA to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires Foreign Financial Institutions (FFI’s) to report to the Internal Revenue…

The Caribbean Association Of Banks Inc Looks Forward To A Resolution On The Issue Of Correspondent Banking Relationships

St. Lucia, Tues. April. 21, 2015: The Caribbean Association of Banks (CAB) fully supports the Prime Minister of Antigua and Barbuda, Honourable Gaston A. Browne in his remarks to the meeting of CARICOM Heads and the President of the United States Mr Barack Obama on Thursday 9th April in Jamaica. The Honourable Gaston Browne highlighted a very real and grave threat to the Caribbean banking industry, an issue of concern, on which the CAB has been advocating. The unfair and…

Correspondent Banking issues between regional and US Banks are receiving the attention of the USA’s National Security Council

The threat of loss of correspondent banking relationships to members has become a key focus for CAB for 2015. The following events have heightened the CAB’s concern with regard to the stability of correspondent banking relationships for our members: One member has received notification from their main US correspondent advising them that they are reviewing the relationship, as it is no longer in line with their business strategy. In addition, another correspondent has advised that they are reviewing the jurisdiction…

The Caribbean Association of Banks Inc. (CAB) Responds to EU’s “Black List”

St. Lucia, Wed. June. 24, 2015: The release of the “Action Plan for Fair and Efficient Corporate Taxation in the EU” by the European Union Commission on the 17th June 2015, which included 15 Caribbean countries in a “black list” of non-cooperative jurisdictions, has caused the Caribbean Association of Banks (CAB) grave concern. Notwithstanding that the European Union has now clarified that the final decision, regarding which countries should be on the list, has not been made; it must be…