The IGNUS Blog
In an increasingly globalised world, we are very aware that many areas are underserved and would benefit greatly from innovative financial solutions. The Caribbean as a region is one of those areas that, in my opinion, remains underserved by existing financial services and products. This current sta...
In my engagements with financial services professionals, I have shared my vision of the future of regulation. One aspect of regulatory engagement that I expect to change is increased supervision of the governance function in regulated firms.
Why? Because there is no such thing as ‘good’ or ‘bad’ ...
Recently, I was fortunate to have the opportunity to present to an engaged group of compliance professionals through the Co-op Credit Union League of Trinidad and Tobago (CCCULT). The topic – A Regulator’s Experience of the Caribbean Region’s Challenges and Successes.
Credit Unions play a vital r...
One of the challenges that continues to bedevil long-lived regulated firms is their legacy business – the portfolio of clients whom regulation grew up around. Let's dive into the impact of legacy business on customer due diligence!
Familiar Places, Familiar Faces
Legacy business is often known ...
Conducting customer due diligence (CDD) does not come without its potential challenges and pitfalls. Here are some insights to help you identify the challenges and navigate the pitfalls of applying enhanced CDD (ECDD).
Challenges and Pitfalls 1 - Incorrect Risk Assessment of Customers
One of ...
Over the years, I’ve had the opportunity to review compliance manuals for all types of regulated entities and even a few compliance manuals for other businesses caught by AML/CFT laws. More often than not, those compliance manuals waste a huge opportunity. How? By not having provisions for simplifie...
