The Financial Services Institute (FSI), in a successful collaboration with Grant Thornton, Conyers, and Cayman Finance, hosted its fourth comprehensive training seminar on “Preparing for an Onsite Inspection from the Cayman Islands Monetary Authority (CIMA)” on May 2, 2024, at the Kimpton Seafire Resort & Spa. This year’s event marked a record attendance, drawing over 135 industry professionals, the highest since the seminar commenced several years ago.

The half-day seminar, which takes place every 2-3 years, has become a cornerstone event for those involved in the financial services industry, reflecting a growing interest in understanding, and navigating the onsite inspection process conducted by CIMA. This year, the seminar’s significance was further enhanced by its recent accreditation by the Association of Financial Crime Specialists (ACFCS), allowing attendees to earn 3 continuing education credits (CE).

Prominent speakers at the event included Razaak Busari and Stephane Azan, from CIMA’s Onsite Inspections Unit, and Abubakar Nyanzi from the AML Division, who shared invaluable insights and updates on inspection processes and expectations. Scott Blench and Dara Keogh of Grant Thornton, provided practical advice on addressing inspection findings. Roisin Liddy-Murphy, Partner at Conyers, discussed risks and key strategies concerning the legal implications of CIMA inspections.

Paul Byles, Director of FSI, expressed his satisfaction with the seminar’s outcome, stating, “This event not only helps prepare our financial sector for regulatory scrutiny but also underscores the growing importance of comprehensive compliance frameworks. We are thrilled with the turnout and the proactive engagement of our participants.”

Since its launch in 2023 with two one-year diplomas in partnership with two universities, the FSI continues to be at the forefront of providing targeted training designed to meet the ever-evolving needs of the financial services industry, promoting better compliance, and fostering professional development.

PHOTO CAPTION:
(L-R) Dara Keogh, Scott Blench, Roisin Liddy-Murphy, Stephanie Azan, Razaak Busari, Abubakar Nyanzi, Paul Byles