Category: News

CAB Bulletin Issue 5, January 2021

Welcome to Issue 5 of The CAB Bulletin! In our first edition for the new calendar year, we highlight some of our members’ recent successes (congratulations also to ECCU Bank of the Year Award recipients, Bank of Saint Lucia Limited and The National Commercial Bank of Anguilla Ltd). We also celebrate the completion of our first-ever virtual AGM. Also in this issue, new initiatives from the CAB secretariat, including new memoranda of understanding with our fellow Caribbean institutions, as well…

CAB & CXC Sign Momentous MOU

Castries, Saint Lucia, Friday, December 18th 2020: Two of the region’s most venerable organisations have taken steps to begin working more closely with one another. The Caribbean Association of Banks (CAB) Inc. and the Caribbean Examinations Council® (CXC®) recently signed a Memorandum of Understanding (MOU) for the establishment of mutual cooperation for the advancement of the Caribbean’s human resource competitiveness, and engagement in the areas of education and human capital development. The agreement was concluded on November 11, 2020, between…

Banker Magazine Names Caribbean Banks Of The Year

Castries, Saint Lucia, Tuesday, December 8th 2020: The calendar year 2020 has had more than its fair share of challenges, not least a pandemic that has had a massive adverse knock-on effect on the global economy. Against that backdrop, Caribbean financial institutions have been soldiering on, and even excelling to the extent that they have been able to enjoy global recognition. Two of the member organisations of the Caribbean Association of Banks (CAB) Inc. have been named among the most…

Bank of Saint Lucia appoints Rolf Phillips as Managing Director

Bank of Saint Lucia (BOSL) announces the appointment of Mr. Rolf K. Phillips as Managing Director (MD) effective November 1st 2020. BOSL’s new Managing Director Mr. Rolf Phillips Mr. Phillips, an OECS national, brings over four decades of sound experience in banking, finance and management. He has a commendable history of leadership and has served in many positions across the Eastern Caribbean including, Branch Manager, International Banking Director, Senior Manager of International Banking, General Manager Home Finance, Managing Director Retail…

PRESS RELEASE: Caribbean Banks Conclude Historic AGM

Castries, Saint Lucia, Tuesday, November 20th 2020: The Caribbean Association of Banks (CAB) Inc. held its 47th Annual General Meeting on Wednesday, November 18th 2020. For the first time since the pan-regional body was founded in 1974, the annual gathering was entirely virtual, including the Members Forum, presentation of the Chairperson’s Report, Audited Financial Statement, voting for the new Board of Directors, and amendments to the Association’s by-laws. The unprecedented event was attended by 50 individuals representing 41 CAB member…

JN Bank UK to Address Financial Inclusion, De-risking

KINGSTON, Jamaica – Earl Jarrett, chief executive officer of The Jamaica National Group, said its newest subsidiary company, JN Bank in the United Kingdom (UK), will seek to address financial inclusion for several unbanked or under-banked persons in the UK, as well as pursue correspondent banking services for Caribbean banks in the future. The bank is the first Caribbean-owned bank to be established in the UK. Quoting the UK Financial Inclusion Report of 2017, Mr. Jarrett said there were some 1.23…

CAB Bulletin Issue 4, October 2020

Welcome to Issue 4 of The CAB Bulletin! In this edition, we examine what’s next after the moratorium period, reaction to the release of The FINCEN Files, and take a look at the latest developments in Central Bank Digital Currencies from the Bahamas and the Eastern Caribbean. We are also very excited to take the lid off our Lady Leadership Series, and to take a look back at the culmination of our Financial Literacy Month. In recent months, CAB has…

CARICOM decries “unilateral, arbitrary” EU blacklisting

The Caribbean Community (CARICOM) deplores the ongoing unilateral, arbitrary and non-transparent blacklisting strategy employed by the European Union (EU) against CARICOM Member States. The most recent inclusion of CARICOM States to the blacklist of alleged non-cooperative tax jurisdictions and jurisdictions identified as being deficient in the area of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT), underscores the EU’s unwillingness to take into account the substantial progress made by CARICOM Member States at compliance with global standards. Moreover, the unquestioned use…

The FinCEN Files – A Caribbean Perspective

On Sunday 20 September 2020, BBC News made public the findings of an investigation into the contents of thousands of documents which were leaked from the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) to Buzzfeed News. In a matter of minutes, the story was carried by every major international news outlet. Of particular interest were the details of over 2,100 Suspicious Activity Reports (SARS) which were filed by banks and other financial institutions and submitted to FinCEN.…

Jamaican National to Pursue Chartered Banker MBA

Castries, Saint Lucia Wednesday, October 7th 2020: The Caribbean Association of Banks (CAB) Inc. is pleased to announce Ms. Janelle Muschette of National Commercial Bank Jamaica Ltd. as the latest recipient of the CAB CBMBA Scholarship. Ms. Muschette is a 12-year employee of NCB Jamaica, and currently holds the position of Legal Counsel. Thanks to this prestigious award, Ms. Muschette will take up studies towards a Chartered Banker MBA at Bangor University. She follows Ms. Shanta Louis of Bank of…