Latest update March 31st, 2025 6:44 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Local bankers head for Barbados to discuss money laundering

Oct 11, 2008 News

The Caribbean Association of Indigenous Banks (CAIB) is preparing to hold its 35th Annual General Meeting and Conference, from November 16 in Barbados.
Speaking to Kaieteur News, member of the CAIB board of directors, John Tracey, said that this year’s conference, which is being held under the theme “Safeguarding our Future in the Face of Global  Economic Challenges”, will focus on several issues, including risk management, anti-money laundering practices, and counter terrorist financing.
Tracey added that the conference is aimed at keeping its members abreast of recent developments in the financial world.
He said that one of the greatest challenges now being faced by all, not just banks, is the global meltdown in the financial markets of the developed countries.
“We have not seen, and we don’t expect that there will be, significant difficulties to local banks, but we will nevertheless be looking at that with a view to anticipating what the challenges will be and what we can do to protect ourselves and the economy,” Tracey said.
No doubt, he added, the economies in which they operate will be affected, and to that extent they will be affected, not in terms of profitability, but in terms of volume of business that they do. For instance, Tracey asserted, people remit money to their relatives here, and it goes into the cambio system.
“We may expect to see less of that; so, to that extent, the challenges that are posed to our customers will come through to the banks.”  According to Tracey, there is the annual general meeting that takes place before the conference, and this year is election year for the association.
Tracey told this newspaper that elections are held every two years, and Guyana currently holds the chairmanship of the association.
He added that Guyana’s term of office will be up in November, and there will be a new chairman of the association, which should come from what is called the North Caribbean.
“Guyana had the chair representing the entire South Caribbean, now I think it moves to the North Caribbean. Some bank, preferably from Jamaica, will hold the chair for the next two years.”
According to Tracey, there is a training session as part of the conference, and this will be held on the first day.
That training session, he added, is going to be focused on Enterprise Risk Management.
“Risk management and risk is something that is of increasing importance to all and sundry.
You’ve got to know how to manage your risk because we take risks, and we cannot avoid taking risks, because no risk no reward. But it’s how you manage that risk.”
He added that they will be focusing on providing some training for senior executives of their member banks to bring them up to speed with the latest techniques of risk management.
“Training is a big part of CAIB,” Tracey said.
He also noted that they are going to be focusing, as they do every year, on anti-money laundering and counter terrorist financing.
This, he added, is not prevalent in the Caribbean or among CAIB member banks, but it is something that they need to continue to keep away from.
Tracey said that the CAIB has been in partnership with Florida International Bankers Association (FIBA), and they recently ran a training programme in Trinidad on anti-money laundering.
“We will focus again on anti-money laundering practices and finding out what are the latest techniques that are being used by these various people to launder money.”
CAIB is a community of locally incorporated/owned banks and other financial institutions in the Caribbean/CARICOM Region, which provide opportunities for discussion on issues impacting the indigenous banking/financial services community as well as for the sharing of experiences and networking.
The Association comprises 50 member banks/financial institutions, three honorary members, namely the Caribbean Development Bank, CARICOM, and the Caribbean Centre for Monetary Studies; and 10 service members.
The total asset base of the members is in excess of US$18.5 billion. (Nadia Guyadeen)

Similar Articles

The Glenn Lall Show|| March, 28th, 2025

Follow on Tik Tok @Glennlall

 

THE BLUNT OF THE DAY

Sports

Fantastic Wharton snipes haul-trick in 11-0 win

Fantastic Wharton snipes haul-trick in 11-0 win

Mar 31, 2025

-as Santa Rosa finish atop of Group ‘B’ Kaieteur Sports- Five thrilling matches concluded the third-round stage of the 2025 Milo/Massy Boys’ Under-18 Football Tournament yesterday at the...
Read More
Back Circle bests Gold is Money to retain crown

Back Circle bests Gold is Money to retain crown

Mar 31, 2025

DCC continues winning ways thanks to Imlach masterclass

DCC continues winning ways thanks to Imlach...

Mar 31, 2025

All-round Headquarters retain title in dominant fashion

All-round Headquarters retain title in dominant...

Mar 31, 2025

Yarrowkabra smashes four in Tutorial, as Dolphin, Waramuri Sec’ remain unbeaten

Yarrowkabra smashes four in Tutorial, as Dolphin,...

Mar 30, 2025

Ramesh Chattergoon smacks 110* in ESCL T20, Over-40

Ramesh Chattergoon smacks 110* in ESCL T20,...

Mar 30, 2025

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]