CIMA Appoints New Deputy Head Of Banking

by Amanda Banks, for LawAndTax-News.com

15 April 2008

The Cayman Islands Monetary Authority (CIMA) announced this week that it has appointed its former Chief Analyst, Banking, Mrs Tricia Thompson, as its Deputy Head of Banking.

The Authority has also appointed former private sector litigation attorney, Melanie McLaughlin, to the newly created post of Freedom of Information Manager/ Legal Counsel.

As Deputy Head of Banking Supervision, Mrs Thompson will provide leadership support in all areas of the division's work, according to CIMA.

This includes overseeing the licensing application process for banks, money services providers and credit unions; coordination of the onsite inspection programme and other ongoing licensee monitoring activities.

She will also be involved in regulatory development initiatives for the sector.

With Ms McLaughlin's appointment as Freedom of Information Manager/Legal Counsel, CIMA explained, the Authority has begun to ready itself for the implementation of the Freedom of Information (FOI) Law that is set to come into effect across the Cayman Islands Public Service in January 2009.

Ms McLaughlin's role is to lead in developing and implementing procedures and systems that CIMA will use to effectively handle applications for access to information under the FOI initiative and the National Archive and Public Records Law.

Commenting on the appointments, CIMA's Managing Director, Cindy Scotland observed that:

"These are both key supportive posts within the Authority and I am proud of the fact that they have been filled by qualified and experienced young Caymanians."

Mrs Thompson has worked with CIMA for a total of 10 years, moving through the ranks as a banking analyst, a senior analyst and, most recently, as a chief analyst.

She has represented the Authority at numerous international forums including meetings of the Offshore Group of Banking Supervisors, Caribbean Group of Banking Supervisors and the Association of Supervisors of Banks of the Americas.

She has also been involved in CIMA's preparations for the implementation of Basel II, the new global supervisory framework for assessing the capital adequacy of international banks. Prior to CIMA, she spent over four years in the private sector, in offshore banking and trust administration.

Prior to joining the Monetary Authority, Ms McLaughlin practiced as a litigation associate with Appleby, undertaking civil and commercial litigation and insolvency work.

Recommended