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Financial Services Seminar

06 Mar 2024

The Financial Services seminar on Wednesday 6th March began with a tour of the CIMA offices at Cricket Square. After the tour, students relocated to Deloitte’s offices at 60 Nexus Way for dinner, followed by the seminar and breakout sessions, with a debrief at Karoo, Camana Bay.

The Mentor for the evening was Alexandra Forssell, CIPM (IAPP), CISSP, PMP, with Moderators, Dr. Kurdell Campbell and Marlon Bryan. The class discussed the importance of the financial services industry, the islands’ development, and its impact on jobs and businesses.

Speakers for the evening included Dr. Dax Basdeo who oversees the strategy, operations and administration of the Cayman Islands Ministry of Financial Services and Commerce;  Stephanie Adolphus, Senior Legal Counsel, CIMA who advises on various legal and regulatory matters; and  Cindy Hislop, Managing Partner of Deloitte in the Cayman Islands who specializes in alternative investment funds and cross-border audit practice.

As an international financial center, the Cayman Islands remain keen to adhere to global standards, especially in areas like anti-money laundering (AML) and transparency. Objectives of the evening included exploring the recent and upcoming changes in regulations affecting the financial service industry in the Cayman Islands, including AML requirements, economic substance regulations, and compliance expectations.

Panelists and students discussed the impact of digital technologies on financial services in the Cayman Islands, exploring trends such as FinTech innovations, blockchain applications, and the adoption of artificial intelligence in the sector. During the Breakout sessions, students examined the role of financial institutions in addressing climate-related risks and promoting sustainable finance and discussed strategies for integrating environmental, social, and governance (ESG) considerations into financial decision-making. They explored the latest cybersecurity threats facing the financial services industry and discussed best practice for mitigating risks and solutions, Cyber resilience and incident response planning.