The BVI Association of Compliance Officers and Practitioners (the ‘BVIACO’) hosted its 5th Annual Compliance Conference over the course of two (2) days on 1-2 December 2021.
The conference was entirely virtual bringing together notable industry experts and practitioners, both locally, regionally, and internationally, who spoke on relevant topics, emerging issues, and provided updates on recent developments within the sphere of compliance and the financial services industry.
The conference flowed seamlessly and symmetrically highlighting the importance of Compliance Officers and Practitioners to the ongoing fight against money laundering and other illicit crimes and business practices.
Day 1
Day 1 kicked off with The Power of One – How to influence your organization towards good governance and a strong compliance culture which flowed into the Changing Landscape of offshore industries and what must be done to keep abreast of the playfield in order to remain competitive in the international business arena. This was complimented by an insightful regulatory update from the perspective of the BVI FSC who gave an overview of General Supervisory Issues currently affecting the industry and steps required for the industry to pass its next round of Mutual Evaluation reviews. Spotlight on FinTech Trends in Financial Crime followed by an Industry Update from the BVI FIA both outlined the increasing concerns about the rise in certain financial crimes with the advent of the COVID era. These presentations emphasized trends emerging both locally and internationally as a result of changes in transaction processing and the impact such changes are having on international business. The BVI FIA capped off its presentation with statistical information that highlighted how the industry matches up to its international obligations, and existing changes within the FIA in preparation for the next round of Mutual Evaluations.
Rounding out Day 1 was a presentation showcasing more than ever that not only are Compliance Officers important to the smooth functioning of an organization, but that they must also Know Their Worth to that organization and perfect their brand accordingly.
Day 2
Day 2 kept the ball rolling, delving into the next big trend – The Digital Assets Space, a space that is here to stay! It outlined how to manage digital assets, such as; crypto currencies and the possibilities of leveraging such financial assets in the Caribbean while applying compliance practices to properly handle the space in order to dispel FUD – Fear, Uncertainty and Doubt!
Given the jump into the digital assets space and our increasing reliance on technology, the presentation on Cyber Crime and Security helped attendees understand how to effectively utilize cyberspace while garnering the opportunities it offers for our own protection. Valuable insights and helpful statistics were also shared on trends in cybercrime activities within our jurisdiction and around the world.
Insightful presentations into Managing an Internal Audit and Managing a Regulatory Inspection were welcomed, value-added compliments to the day. Both underscored the importance of; preparedness before the review process to ensure requirements are up-to-date and in order, preparedness during the review process, and the next steps after the review, in preparedness for any future reviews. Compliance Officers and Practitioners were encouraged to grasp the concept that it’s never really over. There is always something that can be done to improve on your internal processes.
The aforementioned presentations opened the gateway into the panel discussion on Practical Compliance: What to do when you cannot tick the box, a segue way into understanding when the road to compliance of one’s internal and external requirements must deviate from the norm. This discussion was a feather in the BVIACO’S cap, receiving huge attendee participation, which underlined the significance of this, as an important issue to Compliance Officers and Practitioners.
The BVI Association of Compliance Officers and Practitioners was humbled by the resounding success of the conference, and the support of its members, and so many industry and Compliance professionals who were in attendance.
We extend thanks to our:
- Day 1 host, BVIACO Legal Chair, Adenike Sicard and
- Day 2 host and panel moderator, BVIACO Education Chair, Stacyann Shaw Goodridge,
- Panelists; BVIACO Chair T’sa James-Hodge, BVIACO Secretary Lesia Grazette, and BVIACO Legal Chair Adenike Sicard.
A special thanks extended to all the speakers who presented on relevant topics and delivered intriguing and insightful content:
- Fareda Sands, Initium Novum Enterprise Ltd. (Bahamas)
- LaNishka McSweeney supported by Kristin Burt, EY Cayman Ltd. (Cayman Islands)
- Sandra EdunWatler, Mourant Governance Services (Cayman Islands)
- Stacyann Shaw Goodridge, TMF (Cayman) Ltd. (Cayman Islands)
- Simone Martin, Ignus Solutions Limited (Anguilla). Take a look at her blog https://www.ignussolutions.com/blog and YouTube channel - The Si of Regulation https://www.youtube.com/channel/UCCM165jhtSCgGoxxDpnazCA
- Ruben Delfini supported by Ernesto Trespalacios, Lexis Nexis (USA)
- Dalan Vanterpool, DV Global Group
- Dwyane Thomas, BVI Financial Investigation Agency
- Glenford Malone, BVI Financial Services Commission
A resounding expression of gratitude to our sponsors who made the event possible:
- Diamond Sponsor, Tricor Services (BVI) Limited of Tricor Global
- Zoom Sponsor, BVI Association of Registered Agents.
Our conference was a reality because of your kind and generous donations to the event. We salute you and wish your organizations continued success.
To our dedicated BVIACO members who continue to support us and embrace our conferences year after year, we say our sincere thanks and are happy for your unwavering support. We remain here to support you in any way possible.
To our industry colleagues and fellow Compliance professionals who supported this event, we were happy you attended. Your overwhelming support for our conference was a beam of hope signaling that our practitioners want to engage and remain abreast of emerging issues affecting the industry and indeed our varying roles within our firms. We encourage you to join our membership https://www.bviaco.org/Contact-Us/Join-Us and value your support for this and future events.
Scholarship Recipients
The conference reached its pinnacle with the awarding of two (2) scholarships through the BVIACO’s Harriette Skelton scholarship program in its ongoing efforts to promote continued development and education of junior and senior Compliance professionals. We congratulate the awardees;
Delice James Temulji Hughes
ICA Diploma in Governance, Risk Introductory Certificate in Compliance at the Dr.
and Compliance Robert Mathavious Institute
Cheers to another successful Compliance conference which touched on so many intriguing and relevant topics centered around the theme ‘Navigating Regulatory Compliance in Today’s World’.
We look forward to next year’s 6th Annual Compliance Conference where we can all hopefully meet and greet each other in person.
