KPMG Caymans Establishes Regulatory Compliance Department

Caymannetnews

05 April 2001

This story is reproduced by kind permission of Cayman Net News at: http://www.caymannetnews.com

KPMG announced on 27 March that it had established a Regulatory Compliance Department.

KPMG's Managing Partner, Theo Bullmore, said in a news release that the need for the new department was born out of the "growing international and local regulatory expectations and demands."

"In light of the growing international and local regulatory expectations and demands, KPMG have recognized the need to have a dedicated, local team of regulatory compliance specialists. It was important to us to recruit the right people with the right experience and background. We are pleased to have secured the services of Ken and Ian, both of whom have regulatory and industry experience," Mr. Bullmore said.

Mr. Ken Bryant, is the Senior Manager, of the department, responsible for the department's consulting services, business development, and the fostering and maintaining of client relationships. He has overall management responsibility for the quality and delivery of the department's products, services, resources and staff.

Prior to joining KPMG, he held several senior Compliance Officer roles in which he was responsible for designing, writing, implementing, administering and monitoring effective compliance programs. In addition to being an MLRO, Mr. Bryant has also served in a regulatory capacity. His experience include the detection, investigation, and prevention of money laundering for a major offshore international banking center in the Caribbean.

"I am delighted to accept this position because KPMG has always been at the forefront of emerging trends in response to market demands. I was particularly attracted to KPMG because of their commitment to providing quality services by compliance professionals, for compliance professionals," Mr. Bryant said.

Mr. Ian Comins, will serve as Manager to the department. He is charge of product development and is responsible for coordinating a dedicated team of consultants. He brings with him extensive practical experience, both from a regulator's point of view and also with industry perspective, and provides wide-ranging advice and assistance to his clients.

Prior to taking up this role, Mr. Comins held a similar position in the KPMG Isle of Man office. During his time there he assisted Financial Services Providers in implementing systems and procedures to meet regulatory demands, similar to those now being faced in the Cayman Islands. Before this, he worked for the regulator in the Isle of Man, where he helped implement new anti-money laundering guidance notes and regulatory focus visits.

Regulatory Compliance Department and Services

In order to conform to the growing international regulatory expectations and to safeguard the financial services industry, the Cayman Islands undertook a review of existing laws and implemented new requirements and several legislative changes. As part of this process, the Cayman Islands Monetary Authority ("CIMA") has been granted increased regulatory powers.

As a result, CIMA has increased both its staff and its regulatory enforcement efforts. In addition, by September 2001, the Cayman Islands Government has committed to providing CIMA with the express power to introduce and impose sanctions on its licence holders in the event of a breach of the Money Laundering Regulations.

Financial Services Providers must now be familiar with these new provisions and their potential impact upon their business operations. Led by CIMA, the new environment for the financial industry will be dominated by compliance, and Financial Services Providers must be ready for this challenge.

KPMG's Regulatory Compliance Department has developed an extensive range of products and services to assist Financial Services Providers in the Caribbean in coping with these increasing regulatory demands. Taking a positive approach to regulation can actively help improve performance, enhance profitability, accelerate growth and build competitive advantage. The regulatory services KPMG provides fall within four categories: Policy Guidance, Audit and Examination, Training and Online Services.

KPMG is one of the world's largest professional services firms, with more than 100,000 professionals serving clients through offices in 159 countries. KPMG is also one of the Caribbean's largest professional services organizations, with 16 offices throughout the Caribbean. The Cayman Islands office of KPMG, established in 1966, employs over 90 staff and was one of the first accounting firms on the island.

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