Up Front
KPMG Establishes Regulatory Compliance Department
Ian Comins, Theo Bullmoreand Ken Bryant of KPMG
KPMG announced on 27 March that it had establisheda Regulatory Compliance Department.
KPMG's Managing Partner, Theo Bullmore,said in a news release that the need for the new department wasborn out of the "growing international and local regulatoryexpectations and demands."
"In light of the growing internationaland local regulatory expectations and demands, KPMG have recognizedthe need to have a dedicated, local team of regulatory compliancespecialists. It was important to us to recruit the right peoplewith the right experience and background. We are pleased to havesecured the services of Ken and Ian, both of whom have regulatoryand industry experience," Mr. Bullmore said.
Mr. Ken Bryant, is the Senior Manager, ofthe department, responsible for the department's consulting services,business development, and the fostering and maintaining of clientrelationships. He has overall management responsibility for thequality and delivery of the department's products, services, resourcesand staff.
Prior to joining KPMG, he held several seniorCompliance Officer roles in which he was responsible for designing,writing, implementing, administering and monitoring effectivecompliance programs. In addition to being an MLRO, Mr. Bryanthas also served in a regulatory capacity. His experience includethe detection, investigation, and prevention of money launderingfor a major offshore international banking center in the Caribbean.
"I am delighted to accept this positionbecause KPMG has always been at the forefront of emerging trendsin response to market demands. I was particularly attracted toKPMG because of their commitment to providing quality servicesby compliance professionals, for compliance professionals,"Mr. Bryant said.
Mr. Ian Comins, will serve as Manager tothe department. He is charge of product development and is responsiblefor coordinating a dedicated team of consultants. He brings withhim extensive practical experience, both from a regulator's pointof view and also with industry perspective, and provides wide-rangingadvice and assistance to his clients.
Prior to taking up this role, Mr. Cominsheld a similar position in the KPMG Isle of Man office. Duringhis time there he assisted Financial Services Providers in implementingsystems and procedures to meet regulatory demands, similar tothose now being faced in the Cayman Islands. Before this, he workedfor the regulator in the Isle of Man, where he helped implementnew anti-money laundering guidance notes and regulatory focusvisits.
Regulatory Compliance Department and Services
In order to conform to the growing internationalregulatory expectations and to safeguard the financial servicesindustry, the Cayman Islands undertook a review of existing lawsand 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 itsstaff and its regulatory enforcement efforts. In addition, bySeptember 2001, the Cayman Islands Government has committed toproviding CIMA with the express power to introduce and imposesanctions on its licence holders in the event of a breach of theMoney Laundering Regulations.
Financial Services Providers must now befamiliar with these new provisions and their potential impactupon their business operations. Led by CIMA, the new environmentfor the financial industry will be dominated by compliance, andFinancial Services Providers must be ready for this challenge.
KPMG's Regulatory Compliance Departmenthas developed an extensive range of products and services to assistFinancial Services Providers in the Caribbean in coping with theseincreasing regulatory demands. Taking a positive approach to regulationcan actively help improve performance, enhance profitability,accelerate growth and build competitive advantage. The regulatoryservices KPMG provides fall within four categories: Policy Guidance,Audit and Examination, Training and Online Services.
KPMG is one of the world's largest professionalservices firms, with more than 100,000 professionals serving clientsthrough offices in 159 countries. KPMG is also one of the Caribbean'slargest professional services organizations, with 16 offices throughoutthe Caribbean. The Cayman Islands office of KPMG, establishedin 1966, employs over 90 staff and was one of the first accountingfirms on the island.