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 industry’s access to correspondent banking services. Reversal of this perception would necessitate effective interplay between the public and private sector. It was agreed that Banks in particular, needed to be more proactive by ensuring that they are involved in the processes and mechanisms used in the development of National Risk Assessments, compilation of data for the annual U.S. International Narcotics Control Strategy Report (INCSR) and compliance with OECD/EU International Tax Standards. Therefore, the development of a comprehensive communications and marketing strategy which highlights the positive actions taken by the region to enhance financial transparency and integrity, remains critical;
  • The European Union’s General Data Protection Regulation (GDPR) was identified as a risk model which brings data privacy and cybersecurity together to protect the interests of EU citizens. It is an ongoing process that must be maintained by institutions to preserve their integrity. Heavy penalties (low tier: 2% of gross global turnover or EUR 10 million, whichever is greater; and high tier: 4% of gross global turnover or EUR 20 million, whichever is greater) are applied for non- compliance and banks were encouraged to take the necessary steps for compliance;
  • Leadership in the current environment was another critical variable where the need for agility, flexibility and understanding of the different cultures and generations were critical in terms of achieving greater effectiveness.

To download your copy of the report please click HERE

I will be keeping you up to date on the progress on some of our other major initiatives in the coming weeks. Thank you.

Download CEO Forum Report

 

Mary Popo
General Manager
Caribbean Association of Banks Inc.
1 (758) 452-2877
Email: mary.popo@cab-inc.com

Write a comment