MIAMI – Just a few short weeks ago, on the eve of the newest shockwave to hit the global financial sector, Caribbean Bankers from across the region gathered in Trinidad & Tobago to receive training as Anti-Money Laundering Certified Associates through the FIBA AML Institute.
The 2-day training seminar and certification program was co-sponsored by Caribbean Association of Indigenous Banks Inc. (CAIB), Florida International Bankers Association (FIBA) and the Florida International University, College of Business Administration, office of Executive and Professional Education.
Held September 15th through 16th, organizers noted the vital nature of the training in light of the financial industry’s increasingly regulatory atmosphere. “It is important,” stated Mrs. Patricia Roth, Executive Director of FIBA, “that bankers throughout the hemisphere have a common understanding of the AML body of knowledge.” Participants attended from almost every CARICOM nation as well as the British Virgin Islands, the Netherlands Antilles and the Cayman Islands.
The training was the first of its kind held in Trinidad. The keynote address was delivered by noted regional industry expert Mr. Carl Hiralal, Inspector of Financial Institutions for the Central Bank of Trinidad and Tobago. Mr. Hiralal commended the successful partnership initiative of CAIB, The FIBA AML Institute, and Florida International University, and noted that AML certification is fast becoming a requirement of compliance officers in many jurisdictions. “The training of staff,” said Mr. Hiralal, “is an important aspect in the fight against money laundering.”
Expressing his concern with the far reaching negative consequences of money laundering on Caribbean societies, the Inspector of Financial Institutions further called for a legislative basis for requirements to be placed on financial institutions, in order to build “a culture of compliance within the financial sector” – giving regulators “the teeth” to implement penalties and sanctions on non-complying institutions.
As Caribbean nations such as Jamaica and Trinidad and Tobago set their sights on establishing International Financial Centers, continuous and high-level training of banking executives becomes increasingly a matter of priority.
